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STIR: 91bp Of ECB Cuts Priced Through '25, Euribor Off Multi-Month Lows

STIR
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{EU} STIR: Stabilisation in wider core global FI markets promotes light dovish flows in EUR STIRs since the middle of the European morning.

  • ECB-dated now little changed to ~3bp more hawkish on the day, showing ~91bp of cuts through year-end.
  • Euribor futures 1.0-4.0 softer on the day, fading off lows after an initial break of October/November lows in most contracts.
  • Little of note in already delivered ECB speak from Lane, Rehn & Vujcic. Vujcic seemingly remains slightly more cautious when it comes to cuts, while Lane & Rehn stuck to the central ECB view.
  • Cross-market inputs eyed for the rest of the session, with nothing of note on the European calendar.

ECB Meeting

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{EU} STIR: Stabilisation in wider core global FI markets promotes light dovish flows in EUR STIRs since the middle of the European morning.

  • ECB-dated now little changed to ~3bp more hawkish on the day, showing ~91bp of cuts through year-end.
  • Euribor futures 1.0-4.0 softer on the day, fading off lows after an initial break of October/November lows in most contracts.
  • Little of note in already delivered ECB speak from Lane, Rehn & Vujcic. Vujcic seemingly remains slightly more cautious when it comes to cuts, while Lane & Rehn stuck to the central ECB view.
  • Cross-market inputs eyed for the rest of the session, with nothing of note on the European calendar.

ECB Meeting

Keep reading...Show less