• Rates are clearly in restrictive territory
  • ECB has already completed most of the rate hike journey
  • To monitor passthrough of "massive" past rate hikes

It seems quite clear now that the ECB isn't going to give a firm answer on when they would expect rates to peak. Given the resilience the economy to start the year, they have room to work with to be more data dependent and that is precisely what they are doing. A June rate hike, and arguably July, is a given but whether or not there is one more after that remains to be seen.