Benedict Kukla, chief investment strategist at Indosuez Wealth Management, said in a report the ECB’s apparent sole focus on an energy supply shock is surprising. He said the bank has underweighted still-fragile demand and the lack of drivers for core inflation, and has not fully accounted for tightening in bond market rates. While the ECB retains credibility on inflation, Kukla warned there is a risk of over-tightening that could choke a nascent economic recovery.