ECB's Kocher just flagged something worth watching: it's not just about inflation being here, it's about how long it sticks around. Price stability threats are real, and they're staying alert.

For $SPY traders, this matters. ECB hawkishness ripples through currency markets and global risk appetite. If European central bankers keep this tone, expect continued pressure on the euro exchange rate and potential dollar strength.

No complacency from Frankfurt means no complacency for us either.