Next week, the European Central Bank may lower interest rates, according to Rehn.

• The European Central Bank is likely to make an interest rate cut next week, according to Olli Rehn and Philip Lane.
• The U.S. Federal Reserve is expected to follow the European Central Bank in making monetary policy decisions.
• Bank of America economists predict that ECB and Fed rate cut cycles will differ significantly.

On Monday, two prominent European Central Bank officials publicly supported the possibility of an interest rate reduction next week, implying that it is almost certain to occur.

In his speech on Monday, Olli Rehn, a member of the ECB governing council and the head of Finland's central bank, emphasized that inflation in the euro area was declining in a "sustained manner."

Despite a slight rebound in December, inflation in the euro area remained steady at 2.4% in April for the seventh straight month, with figures for May to be released on Friday.

The disinflationary process has allowed inflation to converge towards our 2% target in a sustained manner, and it is now appropriate to ease the monetary policy stance and begin cutting rates in June, as Rehn stated in a speech on the Finnish central bank's website.

"The assumption is that the disinflationary trend will persist and there will be no geopolitical setbacks or increases in energy prices."

According to an interview with the Financial Times, ECB Chief Economist Philip Lane stated that, assuming no significant unexpected events occur, the current situation warrants the removal of the highest level of restrictions.

The ECB's main rate is currently at 4%, but markets are predicting a 0.25% cut at the next meeting on June 6.

On Monday, Rehn and Lane echoed the views of other ECB members regarding the comments they made.

The U.S. Federal Reserve is likely to follow the European Central Bank in making monetary policy decisions.

According to a note by Bank of America economists, led by Claudio Irigoyen, the Fed and the ECB are likely to decouple, with an ECB cut anticipated in June and the U.S. preparing for high-for-longer.

There is much discussion in the U.S. about when the Fed will begin lowering interest rates. Recently, Goldman Sachs revised its prediction for the Fed's rate cut from July to September, based on strong economic and labor data.

The Fed's April 30 to May 1 policy meeting minutes indicated that policymakers were uncertain about the appropriate time to ease.

According to Irigoyen of Bank of America, recent "Fedspeak" and minutes suggest that U.S. rate cuts are currently not on the table.

He concluded that the ECB and Fed rate cut cycles would differ significantly.

— CNBC's Jenni Reid and Brian Evans contributed to this report.