April 04, 2024 06:41 GMT
Follow Up SNB Cut Nearly Fully Priced Following Soft March CPI
STIR
Dovish moves in SNB-dated OIS in the wake of the softer-than-expected monthly CPI data, although ’24 meeting pricing doesn’t breach the dovish extremes seen in the wake of last month’s 25bp rate cut.
- Markets then edge away from knee-jerk dovish extremes. ~24bp of easing is now priced for the SNB’s June meeting vs. 18.5bp late yesterday, while a cumulative ~51.5bp of cuts are priced through year end vs. ~43bp late yesterday.
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