Traders have reduced bets on the Federal Reserve for this year's monetary easing and instead have priced rate increases elsewhere, including the European Central ‌Bank and Bank of England. The Reserve Bank of Australia raised rates this week and is expected to continue raising them. The Bank of New Zealand is also expected to raise rates, despite a 16-month high of 3.4% in January and rising inflation. The ECB has kept its key rate steady since October and markets anticipate more than two 25 bps hikes in the ECB's 2% deposit rate this year.