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No ECB Cuts In 2023 (Briefly) Post-German CPI

STIR

Worth noting that for a brief moment a few minutes ago there were no ECB cuts forecast for 2023 - Dec marked the peak at 3.58% implied depo rate (58.5bp of hikes from today) with pricing up 13.2bp on the day, nearly all accounted for by the post-German national CPI move.

  • That was up over 26bp from the low set after the soft Spanish inflation release first thing this morning.
  • That's faded only slightly to 3.56% implied depo rate for Dec, with October now seeing the peak at 3.60%.

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