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Rate Expectations Dip As Villeroy Signals Less Urgency After March Meeting

ECB

Multiple comments by Banque de France Gov Villeroy comments have triggered a 4bp repricing lower in further ECB hike expectations (to 118bp to the peak, from 122bp), helping the broader EGB space rally.

  • While the impact on the Euro has been relatively less impactful (EURUSD falling a few pips to a post-Jan 6 low of 1.0613), Bund futures have now retraced the entirety of the losses overnight through this morning, and are up 40 ticks since Villeroy's comments started hitting the wire.

Standout Bloomberg headlines in this regard include:

  • VILLEROY: ECB RATES CLEARLY NOW IN RESTRICTIVE TERRITORY
  • VILLEROY: LEVEL AND DURATION OF RATES MORE IMPORTANT THAN SPEED
  • VILLEROY: ECB WILL LIKELY HIKE ABOVE 3%, BUT NOTHING AUTOMATIC
  • VILLEROY: ACTION AFTER MARCH MEETING WILL BE LESS URGENT
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