ECB Watchers Conference Highlights Regional Calendar

Euribor futures are flat to +1.5 ticks through the blues.

• Softer-than-expected German PPI data will have provided some modest support, while the UK CPI data has added a little more BoE rate cut premium into GBP STIRs.
• Main regional focus today will be on the ECB watchers conference in Frankfurt, where panellists include the ECB's Lagarde, Lane, de Cos and Schnabel.
• The full schedule for the event is here.
• ECB's Nagel and Villeroy also appear separately at 1630GMT/1730CET, speaking on a panel r.e. "the future of European finance".
• There hasn't been much narrative-changing data released since the March ECB meeting, so we expect speakers to continue to point towards June re: the start of rate cuts.
• ECB-dated OIS contracts price 88bps of rate cuts through the remainder of '24, with 20bps priced through the June meeting.
• Yesterday afternoon, Governing Council member Kazaks noted he was "comfortable" with current market pricing.
• The regional data calendar includes flash March consumer confidence, while the FOMC decision provides the major macro risk event.