The solid black lines represent the opening of markets on the next day. The latest observations are for 16 December 2022. Chart 16 Aggregate probability distribution for SPF longer term inflation expectations (left panel) and SPF inflation expectations profile (right panel) (left panel: per cent of respondents; right panel: annual percentage changes)  Sources: ECB.
Notes: Staff Projections (December 2022), ECB Survey of Professional Forecasters. Transmission compared to previous cycles The continuous monitoring of transmission is essential to cross-check model predictions against the reality on the ground. But it becomes especially urgent when there is a distinct possibility that prevailing conditions differ in fundamental ways from the historical regularities that are encapsulated in those models.