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75bps of ECB Cuts Priced Through ’24

STIR

With the ECB decision just under 15 minutes away, OIS contracts currently price 19bps of cuts through the June meeting and 75bps of cuts through the remainder of ’24.

  • No changes in policy are expected at today’s decision, with communications around the potential for a June cut most important for markets.
  • Our full ECB preview is here.

Meeting Date ESTR ECB-Dated OIS (%)Difference Vs. Current Effective ESTR Rate (bp)
Apr-243.9090.2
Jun-243.715-19.2
Jul-243.617-29.0
Sep-243.430-47.7
Oct-243.324-58.3
Dec-243.156-75.1

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