Money market futures are now showing a total of 30 bps worth of rate hikes by the ECB by year-end, down from 35 bps late last week. I still see that as being quite a leap for the ECB, who may likely only put a stop to asset purchases in late Q2 or Q3 (leaning more towards the latter).
The timing of the first rate hike has also been pushed back to September now as compared to June earlier in the month.
In part, the Russia-Ukraine war has weighed on sentiment here but I would argue that it serves as good excuse considering that ECB policymakers have not given any clear messages of how they are going to proceed.