Eurozone disinflation undershooting consensus (June CPI 2.8%/2.4% headline/core, m/m negative, swaps ~1.8%) undercuts ECB hawkish rhetoric — the Dec-26 Euribor has decoupled from Brent since the Iran ceasefire, feeding a global disinflation pulse that reinforces the rates-lower / hikes-priced-out camp. A secondary, underpriced heatwave-growth drag (0.26% EU output last year, tripling by 2029) compounds the EU growth-divergence story. Bears on 6E (EURUSD-to-1.10 growth-divergence call), ZN/SR3 (global disinflation pulse), and cross-cuts the hawkish-Warsh theme.