However, ECB chief Lagarde suggested during the press conference that there was no discussion over the reinvestments of proceeds from the EUR 1.7 trillion bonds bought under the Pandemic Emergency Purchase Programme, or PEPP or on the MRR for banks. "She apparently did this to support Italian government bonds, which are suffering from the weakness in global bond markets as well as Italy's high budget deficits," Commerzbank economist Jorg Kramer said. The economist said Commerzbank does not share the markets' view that the ECB will lower its rates significantly again as early as next year. "Rate cuts would be risky anyway because the deposit rate of 4.0 percent is not very high in view of the underlying inflation problem," Kramer added.