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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
The broader feel in global markets has biased ECB-dated OIS incrementally firmer in the main today, with terminal rate pricing now showing a couple of bp through 3.75% in ECB deposit rate terms, although participants are still unwilling to push meaningfully beyond that mark (which represents two further 25bp hikes). The observance of Ascension Day will no doubt be limiting participation in the space.
- ECB Vice President de Guindos has appeared on a couple of occasions over the last 24 hours, highlighting that underlying inflation has been more persistent than the Bank expected. HE also underscored the ECB’s data-dependent stance, along with a way to go when it comes to policy tightening, albeit with most of the tightening in the rear-view.
- Elsewhere, Governing Council member Muller (hawk) continued to push back against the idea of rate cuts in early ’24, suggesting such calls were probably premature.
| ECB Meeting | €STR ECB-Dated OIS (%) | Difference Vs. Current Effective €STR Rate (bp) |
| Jun-23 | 3.380 | +22.9 |
| Jul-23 | 3.566 | +41.5 |
| Sep-23 | 3.671 | +52.0 |
| Oct-23 | 3.676 | +52.5 |
| Dec-23 | 3.634 | +48.3 |
| Feb-24 | 3.556 | +40.5 |
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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