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.
ECB dated OIS comes in as the ECB tweaks language surrounding sufficiently restrictive levels of monetary policy and provides language noting that it will “set the remuneration of minimum reserves at 0%. This decision will preserve the effectiveness of monetary policy by maintaining the current degree of control over the monetary policy stance and ensuring the full pass-through of the interest rate decisions to money markets. At the same time, it will improve the efficiency of monetary policy by reducing the overall amount of interest that needs to be paid on reserves in order to implement the appropriate stance.” U.S.-data impulses then limit the dovish repricing, leaving the liquid area of the strip 0.5-4.0bp softer than pre-meeting levels. Focus move to Lagarde’s impending press conference.
| ECB Meeting | €STR ECB-Dated OIS (%) | €STR ECB-Dated OIS Pre-ECB Decision (%) |
| Jul-23 | 3.654 | 3.6539 |
| Sep-23 | 3.775 | 3.78 |
| Oct-23 | 3.826 | 3.835 |
| Dec-23 | 3.841 | 3.859 |
| Jan-24 | 3.818 | 3.84 |
| Mar-24 | 3.770 | 3.7984 |
| Apr-24 | 3.697 | 3.734 |
source: MNI - Market News/Bloomberg
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.