ECB's Wunsch says we are probably going to have to hike again, but adds that he's not making any bets because they have so much uncertainty on the energy front and maybe also AI, according to Bloomberg

Single-official commentary from the more hawkish end of the Governing Council has historically moved front-end euro rates only modestly on its own; the question the market prices is whether such remarks signal the centre of the Council or merely a persistent hawkish minority. The framing here is conditional rather than a commitment, and hedging around energy uncertainty is a familiar posture from officials who have previously argued the tightening case during supply-shock episodes, where the bias in the curve has been toward bear flattening when the hawkish view gains traction and a fade when it stays isolated. The reference to AI as a source of uncertainty is the less conventional element; where officials have folded structural or productivity themes into rate commentary, it has typically been to justify caution on the terminal rate rather than to change the near-term path. The distinction worth drawing is between a hawkish lean timed for the next meeting and a signal about the ceiling: the former reprices the front end, the latter the belly and the terminal premium. The follow-ons that have mattered in comparable episodes are whether peers on the Council echo the tone and how upcoming inflation prints sit relative to the staff projections.