Just caught something interesting about Germany's wage trends. The central bank's latest numbers show negotiated pay jumped 3.4% in the fourth quarter year-over-year, which is pretty notable after things stayed pretty flat the three months before. This kind of shift in Germany's labor market could signal something shifting in the broader economic picture, especially when you consider the interest rate in Germany and how wage pressures typically feed into monetary policy decisions. Bloomberg was discussing this on X earlier, and it got me thinking about what this means for the interest rate in Germany going forward. When wages start moving like this, central banks usually take notice. Could be worth watching how this plays out against the interest rate in Germany over the next quarter or two.