October 03, 2022 16:12 GMT
ECB rate pricing is seen peaking in July 2023 at 2.68%, down 20bp today and 52bp from the Sept 26 peak.
- Futures imply about 200bp in further hikes in this cycle, including 125bp over the final 2 meetings in 2022 (down 9bp today and 23bp from Sept 26th high).
- There hasn't been any particular newsflow to drive today's retracement in ECB mid-2023 pricing - it largely mirrors similar moves across G10 rates - see chart.
Source: BBG, MNI