BRIEF: EC Approves Italy's 5th NGEU Payment Request For EUR11 billion

MNI BRIEF: ECB's Eye On French Markets, Price Stability Key

MNI BRIEF: Lower Inflation Path Remains Bumpy - Lagarde

MNI BRIEF: 'Noise' Driving Economic Deterioration- Campos Neto

MNI China Daily Summary: Tuesday, July 2

MNI BRIEF: China Aims For AI Standards By 2026

EZ/UK T-Bill Calendar: Greece, EU Auction on Wednesday

EZ/UK Bond Supply Calendar: 2.60% Aug-34 Bund Due Wednesday

Ita-coin Nowcast Negative For Second Month

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Sources Raise Likelihood of June Cut, But Markets Unwavered

ECB
  • ECB policymakers are said to be overwhelmingly in favour of the June meeting for a first interest rate cut, while some policymakers floated the idea on the sidelines of this week's meeting for a second rate cut in July - a proposal made in order to win over a smaller group of policymakers that are pushing for April easing, according to Reuters sources.
  • The Reuters piece goes on to note about the upcoming ECB operational framework review, writing that the timing of a first rate cut would also influence how a new operational framework would be implemented. The Reuters source added that tweaks to the minimum reserve requirement are not currently part of the proposals.
  • ECB-dated OIS broadly unaffected by the latest RTRS sources piece, with today's ECB speak already signalling a growing consensus for a June cut. Speculation r.e. a second cut in July has similarly not prompted major moves.
  • Current ECB cut pricing table below:
Meeting Date ESTR ECB-Dated OIS (%)Difference Vs. Current Effective ESTR Rate (bp)
Apr-243.865-4.3
Jun-243.650-25.8
Jul-243.468-44.0
Sep-243.235-67.3
Oct-243.053-85.5
Dec-242.863-104.5
Jan-252.717-119.1
Source: MNI/Bloomberg
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Credit BulletsEM BulletHomepagemarkets-real-timeCreditEmerging Market NewsBulletMarketsFixed Income BulletsForeign Exchange BulletsEuropean Central Bank (ECB) Market News
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Credit BulletsEM BulletHomepagemarkets-real-timeCreditEmerging Market NewsBulletMarketsFixed Income BulletsForeign Exchange BulletsEuropean Central Bank (ECB) Market News

To read the full story

Close

Why MNI

MNI is the leading provider

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.