An assessment of the risk of a de‑anchoring of expectations from the inflation target based merely on their current level could, in fact, be dangerous.8 Since a de-anchoring could occur abruptly and non‑linearly, expectations must be assessed both in terms of their convergence towards the price stability objective as well as their responsiveness to shocks and their dispersion.
From this perspective, the evidence is less clear. On one hand, expectations from market data and surveys continue to show a relatively low sensitivity to inflation surprises.