What to watch

Fixed income is moving off of its overnight in early European trading after continused downward pressure through most of the Asian session after hawkish comments from Powell yesterday. Despite the small moves higher further out the UST curve, 2-year yields remain close to their highs and at 2.166% at writing at 23bp than Friday's close. Expectations for 50bp hikes are growing and as our overnight team pointed out, GS now forecasts 50bp hikes back-to-back in May and June.

• Looking ahead to today, the data calendar is releatively light but there are a number of central bank speakers including ECB's Villeroy, Panetta, Lagarde and Lane, Fed's Wuerffel, William, Daly and Mester. There are a number of other senior central bankers due to speak at the BIS Innovation Summit (which may not have any near-term monpol implications).
• Russia-Ukraine headlines are also due to be closely watched, as usual.