ECB's Lagarde, EURCHF, and Kalshi bets

Lagarde's hawkish rhetoric yesterday felt a bit out of sync with the broader market's pricing of rate cuts. We're seeing $EURCHF at 0.9351, which is holding up, but it feels like the market's still trying to figure out if the ECB actually means it, or if this is just posturing to keep inflation expectations anchored. On Kalshi, I'm watching the 'ECB Rate Cut by June' contracts. The implied probabilities there still lean towards a cut, but if Lagarde keeps this up, those could shift fast. It's a key gauge for me on how much of the central bank's talk the market is actually buying. If EURCHF starts to break significantly lower, that Kalshi contract might be undervalued on the 'No Cut' side.