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SARON Futures Firm On Comfortably Softer Than Expected Domestic CPI

STIR

SARON futures see the most notable early STIR move on the back of the softer-than-expected round of domestic monthly CPI data for November (-0.2% M/M vs. BBG consensus of 0.0%, +1.4% Y/Y vs. BBG consensus of +1.7%).

  • The print comfortably undershot the SNB’s +2.0% Y/Y forecast for end of Q423.
  • Core CPI ticked back towards cycle lows, sitting at +1.4% in Y/Y terms.
  • SARON futures sit flat to 11.5 through the reds, with the back of the whites/front of the reds leading the move.
  • A quick reminder that SNB communique has left the door open to further tightening, although it has been non-committal.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageSwiss National Bank Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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