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Bund Futures Back To Flat As ECB Pricing Retrenches Further

EUROPE

ECB terminal hike pricing really pulling back here, now down 11bp on the day, with an October depo rate peak of just under 3.50%. That's off 14bp since pre-US JOLTS.

  • Meanwhile, Bund futures have erased the session's losses and are trading flat on the day at 136.58.
  • Tying this together, note that cash Bunds - which are now closed for the day - saw twist steepening, with the short-end rallying strongly as global central bank hike expectations dissipated.

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