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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
ECB terminal rate pricing settles around levels flagged earlier, after the previously alluded to dovish Fedspeak from Goolsbee and softer than expected (noisy) NY empire survey manufacturing print applied some incremental trans-Atlantic pressure.
- Current terminal deposit rate pricing (just below ~3.75%) chimes with the potential level given in our policy team’s latest ECB sources piece (click for full article). Although those sources suggest that level could be reached at the end of the Bank’s July meeting vs. the ~40bp of tightening currently priced into the market over that horizon.
| ECB Meeting | €STR ECB-Dated OIS (%) | Difference Vs. Current Effective €STR Rate (bp) |
| Jun-23 | 3.372 | +22.4 |
| Jul-23 | 3.551 | +40.3 |
| Sep-23 | 3.635 | +48.7 |
| Oct-23 | 3.622 | +47.4 |
| Dec-23 | 3.559 | +41.1 |
| Feb-24 | 3.456 | +30.8 |
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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