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Central bank pricing update

GLOBAL
  • ECB: There is now around 33bp priced for this week's meeting (down from around 46bp on Friday's close and around 49bp on Thursday) as market's now are pricing a 25bp hike as more likely than the telegraphed 50bp hike this week. There are now still 70bp of cumulative hikes priced by the October meeting, around 95bp below last week's peak.
  • Fed: Markets now pricing in 12bp for next week's meeting (from around 42bp Thursday) with no hikes fully priced in for this year any more. Markets are pricing in around 70bp of cuts this year.
  • BOE: Markets now price around 13bp for next week's meeting (from around 26bp on Thursday) with a cumulative peak of 33bp of hikes priced by September (almost a third of the c. 90bp on Thursday).

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