- I would focus on 2026, 2027 inflation projections
- Downside risks to inflation are better known but we shouldn't discount upside
- Delay to ETS2 emissions trading system would flatten inflation but we should also look at core
Same old from Kazaks as he keeps his neutral stance. The ECB members have repeated many times that they won't respond to small or short-term deviations from their 2% target, so we are all in a wait-and-see mode.
