ECB statement is due at 1145 GMT, Lagarde’s press conference follows at 1230 GMT.

Earlier previews:

Snippet from Société Générale:

• The June ECB meeting should … signalling an end to net APP purchases by early July (or end June) and a rate hike in July.
• We wonder though: if there was sufficient conviction to signal rate hikes already in early May, why not end QE and raise rates in June? With  inflation  expectations above 2.2% since early March and market rate expectations well-ahead, why the foot-dragging?
• Clearly, forward guidance is a difficult habit to shake, reflecting fears of adverse market reactions, but it now seems to be a hindrance to data-dependency and timely action. With the PMIs holding up well in May and inflation next week expected to break new records (7.9%), the outlook may soon demand more action. A discussion on 50 bp hikes and QT, for which there is a clear need for early signalling, seems all but premature.
• The risk of lasting indirect and second-round inflation effects is now so high that it threatens to de-anchor inflation expectations and the ECB’s credibility. This holds true even if growth turns out weaker than expected over the coming quarters.
• Allowing a gradual reduction in the APP reinvestments could thus help anchor expectations and reduce the need for steeper rate hikes. We expect little help from the upcoming bank TLTRO repayments (around €200bn in June and €450bn over the coming year) and believe a new (limited) TLTRO will be needed in 2023 to smoothen the run-down. A too reactive ECB thus risks higher inflation expectations and more aggressive rate hikes later.

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This is a helpful preview but the despairing of a central bank being, and staying, well behind the curve, stands out.