European Central Bank (ECB) policymakers are considering the possibility of a further interest rate cut at their next meeting on October 17, although it appears unlikely unless there is a significant downturn in economic growth. Following a recent rate cut to 3.50%, ECB President Christine Lagarde indicated that while a declining trend in rates is evident, decisions will be made on a case-by-case basis without pre-commitments. Traders have reduced expectations for back-to-back cuts due to the ECB's ambiguous stance, with current projections suggesting a smaller cumulative reduction for the year. The ECB aims to keep rates sufficiently restrictive amid high services inflation, and any decision to cut rates may depend on the upcoming quarterly economic projections in December. Overall, while the door remains open for a possible cut, the consensus among policymakers leans towards caution and waiting for clearer economic indicators.