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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.
STIR
Core bond price action helps bias ECB-dated OIS a little softer when looking beyond the next couple of meetings. Terminal rate pricing hovers just above 3.75% in ECB deposit rate terms.
- A quick reminder that the weekend saw ECB President Lagarde stress that the Bank has more ground to cover, reaffirming her previous line of messaging, even with a large part of the tightening journey now in the rear-view. She also underlined the ECB’s data-dependent stance, while noting that the Bank is not pausing based on the information that it has to hand at present.
- Elsewhere, late on Friday we saw ECB Executive Board Member Schnabel note that the Bank can keep acting to return inflation to target, underscoring the need to get rates to a sufficiently restrictive level, with further ground to cover on rates and a need to hold them at a sufficiently restrictive level for some time when the hiking cycle is over.
- Monday’s ECB speak will bring comments from de Guindos, Lane, Villeroy, de Cos, Holzmann & Vujcic.
| ECB Meeting | €STR ECB-Dated OIS (%) | Difference Vs. Current Effective €STR Rate (bp) |
| Jun-23 | 3.382 | +23.1 |
| Jul-23 | 3.573 | +42.2 |
| Sep-23 | 3.663 | +51.2 |
| Oct-23 | 3.654 | +50.3 |
| Dec-23 | 3.630 | +47.9 |
| Feb-24 | 3.558 | +40.7 |
Source: MNI - Market News/Bloomberg
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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.
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