ECB policymaker Olli Rehn just dropped an interesting take on inflation outlook. He's signaling that price risks are tilting slightly toward the downside now.

This matters more than you'd think. When central bankers start worrying about deflation instead of inflation, it usually means rate cuts could be coming faster. And we all know what loose monetary policy does to risk assets.

The dovish shift from European officials has been building for weeks. Rehn's comments add another data point suggesting the ECB might pivot sooner than markets initially priced in. Worth watching how this plays into global liquidity conditions over the next quarter.