Watching ECB, but oil's still the elephant in the room

Saw the ECB comments today, still sticking to the "data-dependent" mantra, which is expected. But honestly, the bigger signal for me right now is how oil is moving. $USO at 125.03 is still holding up despite the slight daily dip. That kind of stickiness, even with various demand concerns floating around, tells me inflation might not be cooling as fast as some would hope.

This makes me think the rate cut narrative for Europe, while appealing, might be overly optimistic in the near term. I'm keeping a tighter leash on anything exposed to discretionary spending in Europe and still favor sectors with pricing power. The market's pricing in cuts, but if oil keeps this up, the ECB's hands are tied regardless of what they say about their data.