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ECB May Hike Pricing Fades, But Terminal Ticks Up

STIR

Near-term ECB hike pricing has faded over the course of the session, with a high over 23bp for the May meeting hike pulling back to finish a fraction lower at 20.5bp.

  • Overall tightening to peak has ticked up a little though, with pricing for the September meeting up 3.7bp on the day (had been up 6.8bp) this morning implying 48.4bp of hikes for the cycle to a depo rate of just under 3.50%.

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