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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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Free AccessECB Pricing Little Changed To A Touch Softer, Wider Market Swings More Impactful Than Rhetoric
The previously covered swings in wider core global FI markets leave ECB-dated OIS little changed to 3bp softer on the day, with regional data releases and familiar ECB speak having no tangible net impact.
- President Lagarde once again pointed to a “sufficiently restrictive” rate stance.
- ECB Vice President de Guindos generally stuck with the central line provided by the Bank, while the usually dovish Centeno underscored his preference for no further rate hikes in the current cycle.
- Elsewhere, Governing Council member Herodotou noted that inflation data points to effective ECB policy that is having an impact.
- Regional data releases did little for the space.
- Terminal policy rate pricing is 4bp above prevailing levels, while a full 25bp cut is priced come July ’24.
ECB Meeting | €STR ECB-Dated OIS (%) | Difference Vs. Current Effective €STR Rate (bp) |
Oct-23 | 3.916 | +1.6 |
Dec-23 | 3.940 | +4.0 |
Jan-24 | 3.933 | +3.3 |
Mar-24 | 3.890 | -1.0 |
Apr-24 | 3.823 | -7.7 |
Jun-24 | 3.738 | -16.2 |
Jul-24 | 3.644 | -25.6 |
Sep-24 | 3.535 | -36.5 |
To read the full story
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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.