Overview: There were two interesting takeaways from a speech by ECB's überhawk Axel Weber in Malaysia last night. First, ECBs caution of lowering rates too much has taken a back seat in our view - as already suggested by Trichet on the ECB meeting last week. This makes a 50bp cut on the March meeting more likely and the chance of further easing during Spring is definitely there. We will release new rate forecasts on Friday and will likely revising down the path for ECB rates from our current scenario of 50bp in March being the last cut. Second, Weber highlights the importance of a symmetrical policy approach where rates are changed at the same pace in both directions. This suggests that rates will be raised faster than "normal" once the cycle turns.