• Perceived inflation over past 12 months rose to 4.0% from 3.5%, while 3-year inflation expectations dipped to 2.9%
• Nominal income growth expectations for next 12 months fell to 0.8% from 1.2%, but spending growth expectations rose to 4.3%
• Economic growth expectations worsened to -2.2% for next 12 months, while unemployment rate expectations improved to 11.2%
• Credit access tightened further, with net tightening at highest since Feb 2024 and credit applications at lowest since Apr 2023

• Stablecoins mirror money market funds' structure but lack deposit insurance, raising financial stability risks
• ECB warns private monetary innovations can disrupt monetary policy transmission and international monetary order
• Historical parallels: Bank of Amsterdam's 'bank money' and money market funds show trust erosion can destabilize stable units