-
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 AccessLittle Net Movement In ECB Pricing During Lagarde Press Conference
Little in the way of net movement in ECB-dated OIS pricing during Lagarde’s press conference, allowing the post statement downtick to consolidate/extend at the margin, with terminal rate pricing pulling in by ~10bp vs. pre-meeting levels, sitting at 3.55% in €STR terms, which equates to ~3.65% in deposit rate terms (or 40bp more of tightening, give or take).
- As a reminder Lagarde played down the idea that the move re: expectations to discontinue reinvestments under the APP as of July 2023 was a trade-off to placate the hawks that were calling for a 50bp step today (pointing to a liquidity impact that would complement interest rate settings), while she gave a bit of a mixed response re: the idea of sufficiently restrictive interest rate levels and highlighted more work to do, refuting any idea of an imminent pause in the tightening cycle and pointing to the deliberate use of the plural “meetings” in the statement.
- On the TLTRO front, her response to a question re: potential concerns surrounding the large repayment due in June was that “there is no surprise about TLTRO. If anything (we) have managed to get banks to accelerate repayment and reduce the cliff effect. It's a due date, banks have prepared for it. There is a lot of liquidity out there.” She also noted that she wouldn’t be surprised if liquidity windows available start to become used. If anything were to happen on that front, she noted that the ECB has those facilities in place with full allotment available. There was no rhetoric re: a bridging facility surrounding the TLTRO repayment.
ECB Meeting | €STR ECB-Dated OIS Post-Press Conference (%) | €STR ECB-Dated OIS Pre-Press Conference (%) | €STR ECB-Dated OIS Pre-Decision (%) |
May-23 | 3.140 | 3.140 | 3.192 |
Jun-23 | 3.335 | 3.369 | 3.410 |
Jul-23 | 3.476 | 3.500 | 3.557 |
Sep-23 | 3.553 | 3.573 | 3.623 |
Oct-23 | 3.539 | 3.555 | 3.608 |
Dec-23 | 3.473 | 3.488 | 3.541 |
Feb-24 | 3.380 | 3.394 | 3.450 |
Mar-24 | 3.245 | 3.246 | 3.315 |
Source: MNI - Market News/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.