Core Viewpoint - The European Central Bank (ECB) does not anticipate any surprises regarding wage developments in the eurozone [1] - The impact of tariffs on inflation within the eurozone is expected to be limited [1] Summary by Relevant Categories Monetary Policy - The ECB, represented by Governor Villeroy, expresses confidence in the stability of wage growth, indicating no unexpected changes are foreseen [1] Inflation Dynamics - The influence of tariffs on inflation rates in the eurozone is assessed to be minimal, suggesting that external trade policies may not significantly affect the region's inflation outlook [1]

Group 1 - The Consumer Price Index (CPI) in Russia increased by 0.05% week-on-week for the week ending June 2, with a cumulative increase of 3.39% year-to-date in 2025 [1] - Retail sales in April grew by 1.9% year-on-year, which was below the expected increase of 2.9% [1] - The unemployment rate in April was 2.3%, aligning with market expectations [1] Group 2 - Construction activity in April saw a year-on-year growth of 7.9% [1] - The volume of goods sent in April increased by 1.6% year-on-year [1] - Salaries in March grew by 0.1% year-on-year, which was lower than the expected growth of 0.5% [1]

Core Insights - The IMF Chief Economist Gourinchas emphasizes that the Federal Reserve must remain "very vigilant" regarding the impact of unanchored inflation expectations on wages [1] Group 1 - The Federal Reserve faces challenges in managing inflation expectations, which could influence wage growth [1] - There is a concern that if inflation expectations become unanchored, it may lead to persistent wage increases [1] - The statement highlights the importance of the Fed's role in maintaining economic stability amid rising inflation concerns [1]