European Central Bank President Lagarde: At the January Governing Council meeting, the average salary increase for all existing salary contracts in 2024 was estimated to be 4.4%. At our March meeting, the estimated increase has been reduced to 4.2%.

European Central Bank President Lagarde: Even after the first rate cut, we will not pre-commit to the interest rate path.

European Central Bank President Lagarde: We expect that rising demand, if accompanied by full utilization of existing labor, will lead to an increase in productivity.

European Central Bank President Lagarde: The new forecast for June will reveal whether the inflation path we expected in March remains.

European Central Bank President Lagarde: We cannot wait to get all the relevant information before taking action.

ECB President Christine Lagarde: It is difficult to assess whether these price pressures simply reflect the lagging nature of wages and service prices and the cyclical nature of productivity, or whether they indicate persistent inflationary pressures.

European Central Bank President Lagarde: The trend closer to the 2% inflation target may be more durable, and the assumed response to raw material prices may be moderate.

European Central Bank President Lagarde: Underlying inflation has generally declined.

European Central Bank President Lagarde: The next few months will help us form a clearer picture.

European Central Bank President Lagarde: The latest data shows that wages are growing in a direction consistent with inflation reaching a level that is compatible with the situation.

European Central Bank President Lagarde: We are paying attention to wages, profit margins and productivity growth. The latest wage data points in an encouraging direction, and service sector inflation is likely to remain high for most of the time.

European Central Bank President Lagarde: Profit compression has allowed wages to catch up without causing further inflation.

European Central Bank President Lagarde: We will have to continue to rely on data.

European Central Bank President Lagarde: We need to move further along an anti-inflation path.

COMEX silver futures fell below $25 per ounce, down 0.56% on the day.

European Commission Vice President and "Foreign Minister" Borrell: 90% (of the frozen Russian asset income) will be distributed through peace facilities, and 10% will be distributed through the EU budget.

European Commission Vice-President and "Foreign Minister" Borrell: Proposal on frozen income from Russian assets.

Swiss Financial Market Supervisory Authority: Increase staffing to assist with the integration of Credit Suisse (CS.N) and UBS (UBS.N), address related risks and learn lessons from the Credit Suisse crisis.

The U.S. dollar index DXY stood at 104, up 0.18% on the day.

Swiss Financial Market Supervisory Authority: It plans to conduct 40 on-site supervisory reviews in 2023 across all business units of UBS (UBS.N) in Switzerland and abroad; it will also conduct two stress tests.