(Bloomberg) -- The European Central Bank can’t commit to what will happen after a likely first reduction in borrowing costs in June, according to Governing Council member Joachim Nagel.

If data until the next meeting in six weeks increase confidence in reaching the 2% goal, “I would be in favor of a rate cut in June,” the Bundesbank president said Wednesday. “However, such a step would not necessarily be followed by a series of rate cuts.”

Nagel is among the more cautious officials supporting the beginning of monetary-policy easing in June, but calling for prudence when it comes to following moves.

“Given the current uncertainty, we cannot pre-commit to a particular rate path,“ he said at the DZ Bank Capital Markets Conference in Berlin. The ECB must decide “meeting by meeting and based on incoming data.”

Nagel said he’s “not fully convinced yet” that price growth is heading toward the target. Core inflation remains high, especially in the services sector. “Driven by continued strong wage growth, it is more persistent than goods inflation,” he said. 

But by June “we will know a lot more,” about the inflation path, Nagel said, echoing similar comments from ECB President Christine Lagarde and other policymakers.

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