-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
Commodities
Real-time insight of oil & gas markets
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Chart Packs -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessUS$ Credit Supply Pipeline
US Treasury Auction Calendar
Hawkish Impulses Following ECB Schnabel Interview
The Euribor strip has drifted away from Asia-Pac session bests following a hawkish interview by ECB Executive Board member Schnabel with the FT, released earlier this morning.
- Contracts are now +0.5 to +2.5 vs. yesterday's settlement levels.
- ECB-dated OIS price just under 130bps of rate cuts through 2024, trading broadly within the ranges seen following the strong US labour market release last Friday.
- In terms of the details, Schnabel reiterated that the "last-mile" of bringing inflation to target "remains a concern", and emphasised the Eurozone's "worrying" recent decline in productivity, which has pushed up labour costs.
- Today's docket includes industrial production data from Spain and retail sales from Italy. This morning's German industrial production was below consensus, though also saw upward revisions to last-month’s data.
- Estonian Central Bank Governor Muller is scheduled to speak at 0930GMT/1030CET, though this is in a seminar on "The Swedish Economy and Monetary Policy" with Riksbank Governor Erik Thedéen.
Meeting Date | ESTR ECB-Dated OIS (%) | Difference Vs. Current Effective ESTR Rate (bp) |
Mar-24 | 3.870 | -3.78 |
Apr-24 | 3.736 | -17.2 |
Jun-24 | 3.480 | -42.8 |
Jul-24 | 3.246 | -66.2 |
Sep-24 | 3.006 | -90.2 |
Oct-24 | 2.819 | -108.9 |
Dec-24 | 2.621 | -128.7 |
Jan-25 | 2.467 | -144.1 |
Source: MNI/Bloomberg |
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.