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Firmer Again As ECB’s Holzmann Non-Committal On September


EGBs lean on surprisingly non-committal comments from ECB hawk-in-chief Holzmann re: the Bank’s September meeting, although he was quick to note that he wouldn’t rule out a hike at that meeting (he had previously pointed to the likelihood of a hike, as long as no surprises became apparent).

  • He flagged the need for another 1-2 rate hikes before the comments re: next month’s meeting, while suggesting that the latest inflation data provided a “conundrum” for the Bank.
  • Bull steepening remains in play, with less than 7bp of tightening now showing for the ECB’s September gathering.
  • Bund futures trade to fresh session bests, hitting the highest levels seen this week in the process. Still the contract remains shy of the Aug 8 high and the next key resistance (133.45)
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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