February 28, 2025 13:11 GMT
STIR: Modest Hawkish Drift After German HICP Tops Expectations
STIR
Modest hawkish pressure for European FI markets as German HICP prints 0.1ppt above expectations in both the M/M & Y/Y readings.
- EUR STIRs had already ticked away from dovish session extremes alongside a similar move in the long end.
- ECB-dated OIS now back to pricing ~85bp of cuts through year-end, little changed on the day and vs. ~89bp seen at one stage this morning.
- Euribor futures unchanged to +2.0.
ECB Meeting |
€STR ECB-Dated OIS (%)
Difference Vs. Current Effective €STR Rate (bp)
Mar-25
2.419
-24.7
Apr-25
2.238
-42.8
Jun-25
2.055
-61.1
Jul-25
1.988
-67.8
Sep-25
1.892
-77.4
Oct-25
1.864
-80.2
Dec-25
1.814
-85.2
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