tim: let's get more from bloomberg's alex weber, in sintra for us. what else did christine lagarde have to say and is at the understanding of those on the ground at sintra that the door is now closed to a potential additional cut from the ecb this month? alex: it was in many ways a backwards looking speech from lagarde, which shows you policymakers are still coming to terms with what happened over the past two or three years, and this interest rate cycle has been unusual. that's really also the sense we get when we talk about what's happening next. the situation at the moment is strange in a way because we have interest rates near record levels. the labor market is still strong. the ecb has an outlook which says they will hit 2% next year, but officials are cautious and want to see the economic data confirms to this assumption. that's why lagarde struck this cautious tone, seemed to imply the door was indeed closed to a cut in july, and that's also the sense we are getting from other officials. they want to see how the data develops and take it step-

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