ECB Survey of Professional Forecasters: Headline and core HICP inflation expectations unchanged across all horizons; Real GDP growth expectations unchanged except for a slight upward revision for 2026

• Unemployment rate expectations unchanged for 2026 and 2027 but slightly lower thereafter

The ECB's Survey of Professional Forecasters indicates that inflation expectations remain steady across all timeframes, which suggests that the central bank may not perceive immediate inflationary pressures that would necessitate a policy shift. Additionally, the slight upward revision in GDP growth expectations for 2026 could imply a more optimistic economic outlook, potentially influencing ECB policy discussions, although the unchanged unemployment forecasts suggest stability in labor market expectations in the near term.