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Another Cycle Low For EUR 5y5y As TTF Prices Hit Lowest Since Early Aug

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TTF futures hit the lowest level seen since early August, helping EUR 5y5y inflation-linked swaps to fresh cycle lows.

  • Likely providing some background support for EGBs.
  • EUR 5y5y now at 2.07%, nearing the ECB's 2.00% inflation target.
  • This shouldn't be a gamechanger for ECB policy given he recent trend in the metric and the ECB's focus on in house inflation measures.
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TTF futures hit the lowest level seen since early August, helping EUR 5y5y inflation-linked swaps to fresh cycle lows.

  • Likely providing some background support for EGBs.
  • EUR 5y5y now at 2.07%, nearing the ECB's 2.00% inflation target.
  • This shouldn't be a gamechanger for ECB policy given he recent trend in the metric and the ECB's focus on in house inflation measures.