• Prior +2.3%
• HICP +2.5% vs +2.5% y/y prelim
• Prior +2.4%
• Core CPI +2.7% vs +2.6% y/y prior

No changes to the preliminary estimates here. As mentioned for the French CPI, the data hasn’t been much of importance for the market as the focus remains on the US-Iran war and the disruption in the Strait of Hormuz which is keeping oil prices elevated.

The market is pricing in two rate hikes for the ECB by year-end. In my opinion, these expectations are overblown as that would just increase the pressure on stock markets, tighten financial conditions further and exacerbate the negative impact on the broader economy.