MORGAN STANLEY EXPECTS THE ECB TO DELIVER TWO 25 BP RATE HIKES EACH IN JUNE AND SEPTEMBER 2026 VS PRIOR FORECAST OF UNCHANGED RATES THIS YEARMORGAN STANLEY: FACED WITH LOWER GROWTH, WE THINK THE ECB WILL LIKELY CUT RATES AGAIN IN JUNE AND SEPTEMBER 2027 TO 2%, BRINGING RATES BACK TO NEUTRAL TERRITORY