New Zealand 1Q RBNZ Inflation Expectations (YoY) 2.2%

According to NAB, after the deadlock confirmed in the Senate, the political instability in Italy suggests that "it will be hard to see just how ECB President Draghi’s ‘whatever it takes’ pledge with respect to preserving the sanctity of the euro can extend to writing as blank cheque in favour of the Italian fiscal authorities." The bank adds that "any agreement to buy Italian debt can’t come without Italy submitting to the conditionality of the ECB’s as yet inactivated OMT programme."