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Light Dovish Adjustments In SNB Pricing Following Softer-Than-Expected CPI

STIR
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Some dovish adjustments in SNB-dated OIS in the wake of the softer-than-expected inflation data, with 18bp of cuts now priced for the Sep meeting vs. 15bp ahead of the release. Meanwhile, the Dec meeting sees ~24bp of cumulative cuts priced vs. 21.5bp heading into the release and post-data extremes of ~27bp.

  • The broader components of the data were a little more mixed than the headlines.
  • Services CPI data still runs above target, at +2.4% Y/Y, which may be limiting the dovish market move.
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Some dovish adjustments in SNB-dated OIS in the wake of the softer-than-expected inflation data, with 18bp of cuts now priced for the Sep meeting vs. 15bp ahead of the release. Meanwhile, the Dec meeting sees ~24bp of cumulative cuts priced vs. 21.5bp heading into the release and post-data extremes of ~27bp.

  • The broader components of the data were a little more mixed than the headlines.
  • Services CPI data still runs above target, at +2.4% Y/Y, which may be limiting the dovish market move.