- Watching inflation expectations and the latest data has been good.
This is no surprise but how much more hiking is going to be delivered is uncertain. For the May 4 meeting, the market is pricing a 62% chance of 25 bps with the remainder at 50 bps but in total , there are 88 bps more in hikes priced in by October.
The ECB minutes from the most-recent meeting are out tomorrow.
Today's eurozone HICP number was +6.9%, in line with estimates.
