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ECB-dated OIS Cut Pricing Continues To Pull Back

STIR

ECB-dated OIS contracts have continued to pull back cut pricing through the day, as US-led FI weakness spills over into European markets.

  • The December 2024 contract now indicates 83.5bps of cuts vs the current ESTR effective rate, down from 85.9bps this morning.
  • The Euribor strip similarly has softened further during today, with the Whites -0.5 to -2.5 ticks lower vs this morning and the Greens -3.0 ticks lower.
  • Tomorrow is highlighted by US October CPI, while the local docket includes ECB-speak from Lane and Villeroy alongside EZ Q3 flash GDP/employment data and the German ZEW survey.

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