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STIR
ECB cut pricing for 2024 extended slightly Wednesday, though off intraday extremes.
- Cued by dovishly-perceived commentary by ECB's Kazaks, in addition to Schnabel's comments Tuesday, saw 2024 implied cut pricing extend to a cycle-high 150bp before retracing over the course of the session to close at 143bp (up 3bp).
- That includes a fully-priced cut by April 2024 (March had been above 90% implied probability at one point), with 50bp by June, 75bp by July, 100bp by September and 125bp by October.
- BoE cut pricing for the year following the Feb/Mar 2024 peak was little changed at 103bp (up 2bp). The first full cut is cumulatively priced by the June 2024 MPC, with 50bp through September's.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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