Introduction

André Estenot: We are recording after the release of the US CPI report. Not really a game-changing for market, is it Emil by the looks of it? No, because it was pretty much unspotted with consensus, right? I don't have any major takeaways from it. It sort of was hesitant to lay out any massive claims prior to the release. That's basically what you need to know. And it will be tricky to get 2% as well in the US. The reason why the US inflation is sticky relative to, for example, the European HICP methodology.