ECB's Nagel: We should take one step at a time and not rush rate cutsMarkets cautious but not fearful on Trump tariffs for nowBitcoin not quite down for the count amid latest crypto selloffEuropean equities open mostly lower to kick start the dayWhat are the main events for today?Germany Q4 final GDP -0.2% vs -0.2% q/q prelimChina CPI will decline moderately in February, says PBOC advisorMonth-end flows to favour the dollar - DeutscheGerman politics fail to inspire EUR/USD breakout for nowUSD/JPY nudges back lower with bond yields in focusFX option expiries for 25 February 10am New York cutIt's been a quiet session in terms of data releases and newsflow. The mood in the markets continues to be negative following the Friday's US PMIs and the jump in long-term inflation expectations.The price action in the US stock markets remains cautious after the selloff triggered by Friday's data. Treasury yields continue to fall amid the stocks selloff as the market increased the expectation for Fed's easing to 55 bps by year-end. The thinking heremight be that in case we get a slowdown, the Fed might not be fastenough in cutting rates amid inflation remaining above target and uncomfortablyhigh long-term inflation expectations. That would exacerbate the pain and eventually lead to more aggressive cuts.The focus now switches to the US consumer confidence report in the session ahead where a breakout of the range created since 2022 could see more risk-off flows. The inflation expectations in the report will also be eyed. This article was written by Giuseppe Dellamotta at www.forexlive.com.