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Preview: Euro Zone Jun Advance CPI Estimate data expected at 05:00 ET (09:00 GMT)

**Consensus expectations: - Advance CPI Estimate Y/Y: 3.0%e v 3.2% prior - CPI Core Y/Y: 2.5%e v 2.6% prior - Preliminary CPI M/M: 0.1%e v 0.1% prior; Y/Y: 3.0%e v 3.2% prior **Note: ECB has an symmetrical inflation target of 2% - Reading has seen the annual pace stay above target for the past three months Recent comments: - On Jun 11th ECB raised its Key Rates by 25bps (as expected) to move into tightening with its 1st rate hike since Sept 2023). Statement noted that the decision to raise rates was robust across range of scenarios. Reiterates stance of not pre-committing to a particular rate path. To closely monitor the situation and follow a data-dependent and meeting-by-meeting approach to determining the appropriate monetary policy stance. Reiterated stance that stood ready to adjust all instruments. Outlook remained uncertain, with upside risks for inflation and downside risks for economic growth. - On Jun 11th ECB updated its Staff Projections which raised 2026 inflation from 2.6% to 3.0% (mild scenario: 2.9%; adverse scenario: 3.3%) and raised 2027 inflation from 2.0% to 2.3% (mild scenario: 1.8%; adverse scenario: 3.0%) *Insight: ECB moved into tightening in Jun 2026 with.

EUECBEZU
SQUAWKNEWS 3 updates Updated Jul 01, 2026, 08:50 AM UTC

Story updates

04:20:00 AM UTC
SQUAWKNEWS
**Consensus expectations: - CPI Y/Y: 3.6%e v 3.5% prior - CPI EU Harmonized M/M: No est v 0.0% prior; Y/Y: No est v 3.4% prior
06:50:00 AM UTC
SQUAWKNEWS
**Consensus expectations: - M/M: No est v 0.1% prior - Y/Y: No est v 3.7% prior Recent comments: - On Jun 25th Austria WIFO Quarterly Economic Forecasts raised its 2026 CPI forecast from 2.7% to 3.2% and raised the 2027 CPI forecast from 2.3% to 2.4% - On Mar 24th Austria Central Bank (OeNB) updated its economic outlook which raised 2026 CPI forecast from 2.4% to 2.7% and set 2027 CPI at 2.3%
08:50:01 AM UTC
SQUAWKNEWS
**Consensus expectations: - Advance CPI Estimate Y/Y: 3.0%e v 3.2% prior - CPI Core Y/Y: 2.5%e v 2.6% prior - Preliminary CPI M/M: 0.1%e v 0.1% prior; Y/Y: 3.0%e v 3.2% prior **Note: ECB has an symmetrical inflation target of 2% - Reading has seen the annual pace stay above target for the past three months Recent comments: - On Jun 11th ECB raised its Key Rates by 25bps (as expected) to move into tightening with its 1st rate hike since Sept 2023). Statement noted that the decision to raise rates was robust across range of scenarios. Reiterates stance of not pre-committing to a particular rate path. To closely monitor the situation and follow a data-dependent and meeting-by-meeting approach to determining the appropriate monetary policy stance. Reiterated stance that stood ready to adjust all instruments. Outlook remained uncertain, with upside risks for inflation and downside risks for economic growth. - On Jun 11th ECB updated its Staff Projections which raised 2026 inflation from 2.6% to 3.0% (mild scenario: 2.9%; adverse scenario: 3.3%) and raised 2027 inflation from 2.0% to 2.3% (mild scenario: 1.8%; adverse scenario: 3.0%) *Insight: ECB moved into tightening in Jun 2026 with its 1st rate hike since Sept 2023 - Previously ECB had cut its Key Rates eight times under the current easing cycle by a total of 175bps. The last cut was in Jun 2025.

**Consensus expectations: - Advance CPI Estimate Y/Y: 3.0%e v 3.2% prior - CPI Core Y/Y: 2.5%e v 2.6% prior - Preliminary CPI M/M: 0.1%e v 0.1% prior; Y/Y: 3.0%e v 3.2% prior **Note: ECB has an symmetrical inflation target of 2% - Reading has seen the annual pace stay above target for the past three months Recent comments: - On Jun 11th ECB raised its Key Rates by 25bps (as expected) to move into tightening with its 1st rate hike since Sept 2023).

Statement noted that the decision to raise rates was robust across range of scenarios.

Reiterates stance of not pre-committing to a particular rate path.

To closely monitor the situation and follow a data-dependent and meeting-by-meeting approach to determining the appropriate monetary policy stance.

Reiterated stance that stood ready to adjust all instruments.

Outlook remained uncertain, with upside risks for inflation and downside risks for economic growth. - On Jun 11th ECB updated its Staff Projections which raised 2026 inflation from 2.6% to 3.0% (mild scenario: 2.9%; adverse scenario: 3.3%) and raised 2027 inflation from 2.0% to 2.3% (mild scenario: 1.8%; adverse scenario: 3.0%) *Insight: ECB moved into tightening in Jun 2026 with its 1st rate hike since Sept 2023 - Previously ECB had cut its Key Rates eight times under the current easing cycle by a total of 175bps.

The last cut was in Jun 2025.