STIR
Terminal hike pricing in Europe has pulled back from session highs.
- ECB terminal depo Rate pricing +0.5bp to 3.77% (53bp of further hikes left in the cycle): ECB peak pricing for Sept is up 0.5bp on the day but 2bp lower than earlier this morning. June ECB hike pricing has dipped 1+bp but is still close to fully pricing in a quarter-point hike (23.2bp).
- BoE terminal Bank Rate pricing -1.5bp to 4.95%(45bp of further hikes left in the cycle): After a decent push higher Thursday, BoE hike pricing has faded slightly: June hike pricing stands at just over 20bp, vs 21.5bp yest afternoon after US data/Fed's Logan revived US June hike expectations. Peak BoE pricing is down 2bp after rising over 4bp Thurs.
- Later this morning we get comments from BoE's Haskel and, toward the end of the session, ECB's Schnabel (Lagarde and de Cos are after hours), but given yesterday's reconsideration of the Fed pause narrative, Powell will be the focus of the session at 1100ET/1600BST.
Source: MNI, BBG
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