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BoE And ECB Hike Pricing At Highest Levels Of The Month On BoC Raise

STIR
The not-fully-expected Bank of Canada hike this afternoon has rippled across into BoE and ECB hike pricing, for which terminal rate expectations have risen 5bp and 2bp respectively since that decision. For both, peak pricing is at June's highs.
On the day:
  • ECB terminal depo Rate pricing +5.4bp to 3.82% (58bp of further hikes left in the cycle)
  • BoE terminal Bank Rate pricing +6.9bp to 5.53% (103bp of further hikes left in the cycle)

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