US NOV FLASH MANUF PMI 48.8 (FCST: 48.9); OCT 48.5

MNI:Largest Canada New Home Price Dip Since `09 Led By Toronto

CANADIAN OCT FLASH RETAIL SALES +0.7%, 4TH STRAIGHT INCREASE

MNI China Daily Summary: Friday, November 22

MNI: PBOC Net Drains CNY345.9 Bln via OMO Friday

MNI BRIEF: Fed Should Explore Central Clearing At SRF-Hammack

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

EZ/UK Bond Supply Calendar: Gilt Syndi; IT, EU Due Monday

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL NOV INDEX 71.8

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

ECB: Little Net Change In Implied Cut Pricing As ECB Retains Existing Guidance

ECB
BundesbankEM BulletCentral Bank NewsCEEMEAEurozoneGermanyGlobalEmerging Market NewsEuropean Central BankBulletMarketsFixed Income BulletsForeign Exchange BulletsRegion

Little net change in ECB-dated OIS as the ECB cuts rates by 25bps as expected, but retains its “ data-dependent and meeting-by-meeting” guidance. 

  • OIS continue to price 8bps of sequential cuts through the October meeting (vs the cut-adjusted ESTR effective rate), while there are 36bps of cumulative cuts priced through year-end.
  • The 2024 and 2025 core inflation projections were revised a tenth higher compared to June. The 2025 revision was not expected by analysts coming into the meeting. Growth projections were in line with consensus.
  • The statement notes that “Domestic inflation remains high”, even though “labour cost pressures are moderating, and profits are partially buffering the impact of higher wages on inflation”.
  • The press conference begins at 1345BST/1445CET. 

 

Keep reading...Show less
129 words

To read the full story

Close

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.

Little net change in ECB-dated OIS as the ECB cuts rates by 25bps as expected, but retains its “ data-dependent and meeting-by-meeting” guidance. 

  • OIS continue to price 8bps of sequential cuts through the October meeting (vs the cut-adjusted ESTR effective rate), while there are 36bps of cumulative cuts priced through year-end.
  • The 2024 and 2025 core inflation projections were revised a tenth higher compared to June. The 2025 revision was not expected by analysts coming into the meeting. Growth projections were in line with consensus.
  • The statement notes that “Domestic inflation remains high”, even though “labour cost pressures are moderating, and profits are partially buffering the impact of higher wages on inflation”.
  • The press conference begins at 1345BST/1445CET. 

 

Keep reading...Show less