While the past week has been a quiet one on the macro data front, central bankers sent some hawkish signals ahead of the January rate decisions. The Fed's Waller remained confident that sustainable 2% inflation is within 'striking distance', but he also underscored that there is no reason to cut rates as quickly as in the past. Just ahead of the ECB's silent period, Lagarde noted that rates will likely be cut only by summer and Knot cautioned that markets have been 'getting ahead of themselves'.