When asked on why the ECB is failing to convinced the market about its resolve to raise rates at a quicker pace, Lagarde said that "I would advise market participants to revise their positions". (h/t @ LiveSquawk)

The added pushback here is weighing further on the market mood with equities down at the lows for the day. European indices are down slightly over 1% and S&P 500 futures are down 29 points, or 0.7%, at the moment. 10-year German bund yields are also up roughly 7 bps on the day now to 2.07%: