Euribor Strip Tracks Global Core FI Lower

The Euribor strip has largely tracked movements in global core FI since yesterday's settlement. Contracts run -1.0 to -4.0 ticks through the blues, with the front of the reds under the most pressure.

• Rate cut pricing per ECB-dated OIS has continued to moderate overnight, with 117bps of easing priced through 2024 (down from 119bps yesterday afternoon after Chief Economist Lane's speech).
• Overnight and this morning, we have heard from the hawkish Kazaks and Holzmann, who re-iterated previous comments r.e rate cut timing. Holzmann once again highlighted the possibility of no rate cut in 2024.
• Villeroy provided some dovish counter, but he has noted that the ECB will "probably cut rates this year" several times already.
• The final read of German Jan inflation was not a market mover, with the same likely to be the case with Italian IP later this morning. ECB's Nagel speaks at 1030GMT/1130CET, though his speech is at an award event for BdF Governor Villeroy, so may not be pertinent to monetary policy.
• The annual CPI revisions in the US from 1330GMT/1430CET will likely garner most cross-market attention today.