Macro Headwinds: ECB Hawkish, Fed Higher-for-Longer, Geopolitical Risk

ECB's Schnabel pushes June rate hike, markets price 2.75-3% by year-end. Fed under Warsh maintains tight policy. US-Iran strikes add risk-off. BofA suggests tariff refunds could cool inflation, offering a potential positive catalyst. Risk sentiment fragmented; Nvidia earnings and PCE data are key.