The European Central Bank's June meeting may be uneventful, but its impact and prospects for future meetings could be significant. After lowering the rate hike magnitude to "normal scale" in May, we expect the tightening pace to remain unchanged at next week's meeting, with a policy rate increase of 25 basis points. We believe the probability of a rate hike is over 95%, with the remaining probability of basic no rate hike. In other words, if the ECB does not raise interest rates, it will be surprising, and if it raises them significantly, it will be even more shocking. The focus of this meeting will be on the ECB's updated economic and inflation expectations. We expect the ECB to raise its core inflation and food inflation forecasts while significantly lowering its energy inflation forecast. Overall, we expect the core inflation and overall inflation forecasts for 2023 to be revised upward, but the question is how much. If the rate hike is not enough, we believe the probability of a rate hike in September will increase.