ECB President Lagarde said the bank has not observed second‑round effects beyond its projections and is monitoring forward‑looking indicators such as multi‑year wage deals and firms' wage expectations, but has seen no signs of change. She said it is premature to pre-judge adjustments to the projections, while noting that since the September forecasts the energy futures curve and long‑term yields have risen — which will affect inflation and growth, despite a recent pullback in oil — and the ECB's

ECB President Lagarde said the bank has not observed second‑round effects beyond its projections and is monitoring forward‑looking indicators such as multi‑year wage deals and firms' wage expectations, but has seen no signs of change. She said it is premature to pre-judge adjustments to the projections, while noting that since the September forecasts the energy futures curve and long‑term yields have risen — which will affect inflation and growth, despite a recent pullback in oil — and the ECB's updated projections will determine how these factors feed into medium‑term inflation.