ECB's Makhlouf says headline inflation figures and ECB projections do not suggest monetary policy is too tight, uncertainty about the 2026 path for wages

• There are two risks to outlook that are undershooting current inflation and loss of growth momentum.

Makhlouf's comments indicate that the ECB may not consider current monetary policy as overly restrictive, suggesting the potential for continued support or even adjustments in the future. The mention of uncertainty regarding the 2026 wage trajectory highlights concerns about the long-term inflation outlook and growth dynamics, which could influence market expectations for ECB policy going forward.