[Institution: ECB's short-term risk tilts toward easing, next move more likely to be a rate cut] Jin10 Data, February 5 – Thomas Pugh from RSM stated in a report that the European Central Bank is likely to keep interest rates unchanged throughout 2026, but in the short term, the risk balance has tilted further toward easing. Since the last meeting, downside risks have slightly increased, mainly reflected in weaker inflation and the appreciation of the euro. The impact of Germany's fiscal stimulus may also fall short of expectations or, at the very least, be partially offset by the ongoing effects of tariffs and the pressure on manufacturing caused by a strong euro. 'Therefore, if the next policy adjustment occurs, it is more likely to be a rate cut.'