Citigroup still expects the Fed to cut rates in 2027.

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ECB policymaker SIMKUS said there is so far no clear second-round inflation from higher oil and gas costs, echoing President LAGARDE, but the longer energy prices stay elevated the greater the risk of pass-through to other sectors. Rising government bond yields could provide a countervailing influence. He said he is not overly concerned about the euro-area bond market. The recent sell-off was led by French government bonds; SIMKUS attributed the rise in French yields mainly to changing economic prospects as markets reassess debt levels, political uncertainty and fiscal fundamentals, and said some divergence in countries’ financing costs is normal.