Economists at the European Central Bank said the neutral rate of interest, a concept that may help determine where cuts in borrowing costs will end, is probably between 1.75% and 2.25%.

For those hoping for real clarity about what’s next for the ECB, the long-awaited working paper will have been a disappointment. In short, the paper concludes that the neutral interest rate ranges between 1.75% and 3% when using the most recent data between 1.75% and 2.25%.

European Central Bank interest rates have room to fall further given weak growth and a slowdown in inflation, but uncertainty is so high that any more precise guidance on rates would be unrealistic, Slovak policymaker Peter Kazimir said on Monday.

The central bank cut rates by a quarter point, as it rushes to brace a stagnant economy against President Trump’s threatened tariffs.

The European Central Bank cut interest rates as expected on Thursday and kept more easing on the table, sticking to its view that inflation in the euro zone is increasingly under control despite concerns about global trade.