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EUR Markets A Little Off Hawkish Session Extremes

STIR

EUR STIR markets stabilise off hawkish session extremes, with core global FI markets finding a bit of a base (at least for now).

  • That leaves Euribor futures running 0.5-6.0bp lower through the blues, with the late whites and early reds under the most pressure.
  • ECB-dated OIS shows ~127bp of cuts through ’24 as a result (vs. ~124bp seen earlier).
  • Final Eurozone PMI readings didn’t alter the narrative.
ECB Meeting€STR ECB-Dated OIS (%)Difference Vs. Current Effective €STR Rate (bp)
Mar-243.872-3.5
Apr-243.745-16.2
Jun-243.504-40.2
Jul-243.273-63.3
Sep-243.025-88.1
Oct-242.833-107.3
Dec-242.635-127.1
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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