ECB’s Kazaks: Monetary policy must retain some hawkish stance

Kazaks' phrasing is notable less for what it says than for what it keeps alive: a residual hawkish bias inside the Governing Council even as the broader policy conversation has moved toward easing. That matters for eurozone rate expectations, where a split council tends to muddy the forward path rather than clarify it. The signal is aimed at markets that may be pricing a smoother disinflation story than officials are willing to endorse. Whether other council members echo this vigilance, or treat it as a minority view, is the open question worth tracking.