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Market pricing: Terminal rate down about 30bp

ECB
  • Around 53bp for December (from around 58bp pre-policy announcement)
  • 81bp cumulatively by February (from around 91bp)
  • 100bp cumulatively by May (from 125bp)
  • 113bp cumulatively by July (from 142bp).
  • So terminal rate now closer to 2.63% down around 30bp from around 2.93% pre-announcement.

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