PGIM Fixed Income said in a report that the base rate of the European Central Bank may need to fall below neutral if the accelerated economic growth it has repeatedly predicted fails to materialize. The bank expects the ECB's neutral rate range to be between 1.5% and 2.5%, slightly lower than the current deposit rate of 2.75% and priced by the market at 1.91% by the end of the year. The European economy is more vulnerable to heightened trade tensions given the weak macroeconomic situation, the report said. Still, Europe is better prepared than when the last round of tariffs were implemented and has significant leverage in terms of negotiations or returns. (Golden Ten)