(Bloomberg) -- European Central Bank Governing Council member Peter Kazimir pushed back against market bets on an interest-rate cut as soon as the first quarter of next year. 

The Slovak official said he agreed with ECB Executive Board member Isabel Schnabel that “incoming inflation data support the idea that additional tightening won’t be needed,” according to a post on the platform X. “However, expecting a cut in Q1/24 is science fiction.”

Investors have piled into bets on earlier reductions in borrowing costs after data last week showed euro-zone inflation slowing more quickly than expected. They expect about 150 basis points of rate cuts next year, with a strong likelihood of the first move happening in March. 

Latvian central bank Governor Martins Kazaks said earlier Wednesday in a presentation that such moves probably won’t happen in the first half of 2024, though he cautioned that if the economic outlook changes, “our decisions on rates might change.”

Both officials spoke hours before the start of a blackout period preceding next week’s ECB policy meeting in Frankfurt. Markets expect rates to remain on hold.

--With assistance from Alice Gledhill and Daniel Hornak.

©2023 Bloomberg L.P.