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STIR: Lagarde Doesn't Dwell On Defence Spending And Yield Rises In Risk Assess

STIR

Marginally dovish movements in ECB-dated OIS since the press conference kicked off, with President Lagarde not dwelling much on increased defence spending prospects or the recent increase in bond yields in the risk assessment.

  • ECB-dated OIS back to pricing 14bps of easing through the April gathering (vs 12bps as the press conference started).
  • Year-end implied cuts back at 44bps (vs 42bps before the presser started, but 45bps before the rate decision itself).

 

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Marginally dovish movements in ECB-dated OIS since the press conference kicked off, with President Lagarde not dwelling much on increased defence spending prospects or the recent increase in bond yields in the risk assessment.

  • ECB-dated OIS back to pricing 14bps of easing through the April gathering (vs 12bps as the press conference started).
  • Year-end implied cuts back at 44bps (vs 42bps before the presser started, but 45bps before the rate decision itself).

 

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