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SNB Pricing Off Dovish Post-Decision Extremes

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SNB-dated OIS moves away from dovish session extremes and stabilises around pricing ~45bp of cuts over the 3 remaining ’24 meetings. ~20bp of cuts are now seen through the June meeting i.e. 80% odds of a follow up 25bp cut are now priced.

  • The lack of firm forward guidance re: further cuts allowed the move away from dovish session extremes.
  • Vendor price feeds were erratic around the decision and have been adjusted to show dovish extremes of ~60bp ’24bp of cuts vs. closer to 70bp earlier.
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SNB-dated OIS moves away from dovish session extremes and stabilises around pricing ~45bp of cuts over the 3 remaining ’24 meetings. ~20bp of cuts are now seen through the June meeting i.e. 80% odds of a follow up 25bp cut are now priced.

  • The lack of firm forward guidance re: further cuts allowed the move away from dovish session extremes.
  • Vendor price feeds were erratic around the decision and have been adjusted to show dovish extremes of ~60bp ’24bp of cuts vs. closer to 70bp earlier.