• Disinflation is happening, is strong and will continue
  • Monetary conditions should adjust but awaiting data first to confirm disinflation outlook

This just reaffirms the current ECB stance of being data-dependent. Amid all the pushback by policymakers though, traders are still well convinced of a April rate cut at this stage. The odds of that are no longer fully priced in but are still sitting at ~94% currently.