The Bank of England held its reference rate steady but cited elevated inflation risks. Sweden's Riksbank held its rate steady and reiterated its inflation and economic growth outlook but warned that the job market recovery is likely to lag. The Swiss National Bank lowered its policy rate by 25 basis points and reiterated its inflation and annual economic growth outlook.
European markets struggled to advance after a week of choppy trading, and bond yields edged higher and the euro hovered near multi-month high. European leaders pledged to support Ukraine and speed up arms production after the U.S. withdrew its support and pushed for an immediate ceasefire with Russia.