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.
The ECB-dated OIS strip steepens in the wake of the latest ECB decision. The continued reference to the plural “future decisions” re: taking interest rates to sufficiently restrictive levels will be adding to the ECB’s mark higher in underlying inflation expectations, combining to embolden those that are willing to price in 2 further 25bp rate hikes, with a terminal rate of ~3.93% now showing (in deposit rate terms), just shy of post-decision highs. Inflation persistence (despite tentative signs of softening) and the potential for higher for longer rates will be a focal point in the months ahead (a matter we touched on in our ECB preview).
| ECB Meeting | €STR ECB-Dated OIS (%) | €STR ECB-Dated OIS Pre-Decision (%) |
| Jun-23 | 3.398 | 3.396 |
| Jul-23 | 3.617 | 3.597 |
| Sep-23 | 3.768 | 3.733 |
| Oct-23 | 3.826 | 3.761 |
| Dec-23 | 3.817 | 3.758 |
| Jan-24 | 3.780 | 3.731 |
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.