ECB's Stournaras Sees No Signs of Second-Round Effects

European Central Bank (ECB) Governing Council member Yannis Stournaras, not Makhlouf as previously reported, stated on Bloomberg TV that there are no visible signs of second-round effects from inflation. This is a characteristic hawkish stance, signaling no urgency to ease but also no appetite for pre-commitment.

The ECB's meeting-by-meeting approach keeps optionality on the table, which has historically raised sensitivity to incoming wage and services prints rather than settling anything itself. The distinction lies between timing expectations at the front of the curve versus terminal destinations.