The rates market is wrestling with whether the ECB will follow through on repeated pledges to hike by 50 bps. For much of the past month, they were pushing back against expectations they would do 75 bps instead.
With the market turmoil, now the market is worried about 25 bps with pricing around 50/50.
MNI is out with a story saying the ECB 'hopes to push ahead with its plans to hike by 50 basis points'. It cites eurosystem sources.