on expectations balance for about 2 years, despite drops in nearer term expectations. But the rise was tiny (1.86% from 1.84%). The current crop of ECB Executive Board members seems keen to take a steer on medium-term expectations from market breakeven rates. These have weakened in the last couple of weeks. Draghi

on expectations balance for about 2 years, despite drops in nearer term expectations. But the rise was tiny (1.86% from 1.84%). The current crop of ECB Executive Board members seems keen to take a steer en medium -term expectations from market breakeven rates. These have weakened in the last couple of weeks. Dragh