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Free AccessRemain Firmer Following Dovish BoJ; Peripheries Mixed
Core/semi-core EGBs sit firmer this morning as dovish impulses from JGBs continue to feed through.
- Today's BoJ decision saw a lack of commitment to future policy normalisation.
- Elsewhere, the 2024 German funding plan came out broadly in line with expectations while Eurozone November final HICP confirmed flash estimates on the annual print. Neither of those meaningfully impacted markets.
- That leaves Bunds up 51 ticks at 137.25, still below yesterday's high of 137.49. The German cash curve bull flattens with 2s10s down -2.5bps at -49.5.
- Periphery spreads are mixed, with the BTP/Bund spread 1.9bps tighter at 166.4bps and the GGB/Bund spread 2.2bps wider at 114.0bps.
- ECB-speak has continued to push back on current rate cut pricing, with Simkus unsurprisingly weighing in on the hawkish side (re: market rate cut pricing being optimistic). Earlier today, Villeroy presented remarks that may be inferred as slightly less dovish than previously (re: rate cuts only coming after a "plateau" at current levels).
- Despite this, ECB-dated OIS contracts still price over 150bps of cuts through 2024.
- The remainder of today's docket is light.
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Why MNI
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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.