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BUNDS: /STIR: Looking Through German National CPI

BUNDS
BundesbankCentral Bank NewsCEEMEAEurozoneGermanyBulletMarketsFixed Income Bullets

No real tangible reaction in Bunds & Euribor to national German inflation figures, with most of the readings in line with our tracking bands (see previous bullet for greater detail), running in line to below pre-regional level data expectations.

  • Services CPI the outlier, providing a 0.1ppt upside surprise vs. our tracking.
  • Bund futures last +24 at 134.21, with the pre-data recovery from lows holding and the contract still below morning highs at 134.35.
  • German yields 0.5-1.5bp lower on the day, curve bull steepens.
  • Euribor futures +0.5 to +5.0 vs. flat to +4.5 into the data.
  • ECB-dated OIS priced 28.5bp of cuts for next month and 149bp of easing through ’25, essentially unchanged vs. pre-data levels.
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No real tangible reaction in Bunds & Euribor to national German inflation figures, with most of the readings in line with our tracking bands (see previous bullet for greater detail), running in line to below pre-regional level data expectations.

  • Services CPI the outlier, providing a 0.1ppt upside surprise vs. our tracking.
  • Bund futures last +24 at 134.21, with the pre-data recovery from lows holding and the contract still below morning highs at 134.35.
  • German yields 0.5-1.5bp lower on the day, curve bull steepens.
  • Euribor futures +0.5 to +5.0 vs. flat to +4.5 into the data.
  • ECB-dated OIS priced 28.5bp of cuts for next month and 149bp of easing through ’25, essentially unchanged vs. pre-data levels.