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STIR: Modest Dovish Move On European CPI Data, 101.5bp Of '25 ECB Cuts Priced

STIR
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A light dovish reaction for EUR STIRs following this morning’s national and Eurozone CPI readings.

  • 101.5bp of ECB cuts now priced through ’25 vs. ~100bp early today. 24.5bp of easing priced for this month’s meeting.
  • Euribor futures flat to +4.0
  • To recap the data, softer-than-expected French prints lessened the upside risks to the Eurozone readings (countering the impact of Monday’s German CPI data).
  • The Eurozone readings then matched the median expectations from the BBG surveys.

ECB Meeting

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A light dovish reaction for EUR STIRs following this morning’s national and Eurozone CPI readings.

  • 101.5bp of ECB cuts now priced through ’25 vs. ~100bp early today. 24.5bp of easing priced for this month’s meeting.
  • Euribor futures flat to +4.0
  • To recap the data, softer-than-expected French prints lessened the upside risks to the Eurozone readings (countering the impact of Monday’s German CPI data).
  • The Eurozone readings then matched the median expectations from the BBG surveys.

ECB Meeting

Keep reading...Show less