Bank of America Global Research previews the April BoE and ECB meetings on Thursday.

"We expect a hold from the BoE with a 7-2 vote (some risk of 8-1). We do not think there is enough evidence yet to convince the BoE to respond to the energy shock. Data so far has been somewhat hawkish but reflects limited decisive evidence on the fallout from the conflict. Moreover, comments from BoE Governor Bailey that he is in no rush to raise rates imply that the bar for an April hike is fairly high. Overall, we expect the BoE to emphasize a wait-and-see mode as it gathers more evidence on the economic impact of the conflict," BofA notes.

"The ECB is likely to hold rates next week, but the focus will likely be its communication, which we expect to be very close to what we have already heard from many ECB speakers. As President Lagarde argued this week, the ECB is ready to act when it has the information it needs. That means understanding the size and propagation of the shock. Moving in April would have required news on either the size or the propagation of the shock.