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EURIBOR Strip Steepens Further

EUROZONE
  • The Euribor futures strip continues to steepen, driven by the sell-off at longer maturities. Whites are up 2.5-4.0 ticks on the day while greens/blues are now down 11-19 ticks.
  • ESTR forwards have inched lower through the morning, but have not made any material difference to the implied near-term policy rate path.
  • Adding further fuel to the hawkish pivot at the ECB, Peter Kazimir stated that a 75bp hike would be a good option for October, while also indicating that there is no consensus on the neutral rate.
  • Elsewhere, Robert Holzmann indicated he would be willing to raise rates beyond the neutral level if needed and that 75bp would be a 'good figure' for the October meeting. Somewhat containing right tail speculation, Holzmann stated that a 100bp move would be "currently too much".
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