ECB To Cut?

The consensus is for a 0.25% interest rate cut from the European Central Bank later today, BUT it will have nothing to do with CPI as no doubt Madam LeGarde will say at the press conference

The Euro-Zone's final core CPI number, the red line, was released earlier this morning. Although slightly improved at 2.7% annualised, it's still way above the ECB's 2% target.

IF the ECB does cut it will be due the the 2-year yield "market rate," the grey line, to which the ECB slavishly RE-Acts to, both when it rises or falls

It makes you wonder why we have Central Banks?