 So, our research bulletin article examines in detail consumers' medium term expectations about inflation. That is, their expectations for inflation two to three years down the road. Central banks typically pay very close attention to such indicators because they tell us to what extent economic agents, including the public at large, believe that we're likely to achieve our objective over the medium term. The research question is also particularly important today, given the surge in inflation that we observed in the Euro area over the course of the past year. In particular, we need to know what people think are the implications of these developments for inflation down the road. Our research was also motivated by the availability of new and reliable information on consumers' inflation expectations that has recently been developed here at the ECB by myself and some of the co-authors of the research, along with other colleagues at the ECB. And this data provides us with a very rich and timely information on consumers' expectations, including for inflation. Our research focuses in particular on two questions. The first is we look at the size and the type of changes in expectations across different types of agents, including their association with a new measure of overall trust that agents have in the ECB. And then a second question that we look at is we focus in on those respondents to our survey who, via their employment or their business activities, play a particular role in price and wage setting in the economy, and we examine in detail the nature of the changes in expectations in their replies to our survey as well. Other consumers' medium-term inflation expectations had been relatively stable and in line with the ECB's inflation target up to March 2022. In March 2022, the data record a jump in these inflation expectations to 2.9%, suggesting that consumers perceived the increasing prices of goods and services at the time as a more persistent phenomenon. One reason for this is that consumers seem to extrapolate from their recent inflation experiences to their inflation expectations. Another key reason seems to be that consumers increase their inflation expectations when they become more pessimistic about their own financial situation and the prospects of the economy more generally. And indeed, our data show that a steadily increasing fraction of consumers in the course of 2022 expected both the higher likelihood of a recession in the Euro area and a very high inflation. And this was particularly evident after the Russian invasion of Ukraine. Another consideration has to do with public trust to the central bank where earlier research has shown that helps anchoring consumers' inflation expectations. Our data suggests some gradual decline in consumers' trust in the European Central Bank over the course of 2022. And this was particularly evident in the smaller group of consumers who are wage and price setters in their current employment or business activities. This very same group was the one that increased its inflation expectations much more than the average survey respondent. Taken together, they suggest some upside risks for inflation that may come from increasing inflation expectations on the one hand and declining trust to the central bank on the other hand. One of the main policy implications is that all other things equal. We would need a tighter monetary policy stance compared with the situation where inflation expectations had remained stable and unchanged at 2% in line with our price stability objective. A second implication of our work is that the European Central Bank in partnership with the National Central Bank should keep communicating the important role of monetary policy in stabilizing future prices. This in turn should boost public trust and prevent price shocks from having longer lasting effects.