That compares to the 35 bps worth of rate hikes that were priced in late last week. Of note, even the pricing for a full 10 bps move in October has withered. Mind you, the pricing last week showed the timing for the first rate hike to be for June.
The Russia-Ukraine situation has certainly thrown a curveball to the outlook and while the ECB may still look to act earlier to counteract inflation pressures, I reckon markets won't be comfortable until they send a clearer message on that front.
