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STIR: 59bps Of Cuts Priced Through 2024 Following Strong US PMI Print

STIR
BulletFixed Income Bullets

 ECB-dated OIS contracts price 59bps of cuts through the remainder of 2024, after reaching an intraday extreme of 58bps following the strong US flash PMI release.

  • Euribor futures are -1.0 to -12.0 through the blues, with the reds leading the move.
  • ERZ4 extends further below the April 30 low.
  • Eurozone consumer confidence was not a market mover, printing at -14.3 (vs -14.2 cons, -14.7 prior).
  • Meanwhile, ECB's Villeroy warned against over-interpreting today's Q1 negotiated wages data. 
  • There are several ECB speakers scheduled to speak tomorrow, but we don’t expect major deviations from the recent central view (a June cut is seen as a given, with a lack of commitment beyond that gathering).
  • Broader Eurozone focus now turns to May’s flash inflation releases, which will start to filter through from next Wednesday.

 

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 ECB-dated OIS contracts price 59bps of cuts through the remainder of 2024, after reaching an intraday extreme of 58bps following the strong US flash PMI release.

  • Euribor futures are -1.0 to -12.0 through the blues, with the reds leading the move.
  • ERZ4 extends further below the April 30 low.
  • Eurozone consumer confidence was not a market mover, printing at -14.3 (vs -14.2 cons, -14.7 prior).
  • Meanwhile, ECB's Villeroy warned against over-interpreting today's Q1 negotiated wages data. 
  • There are several ECB speakers scheduled to speak tomorrow, but we don’t expect major deviations from the recent central view (a June cut is seen as a given, with a lack of commitment beyond that gathering).
  • Broader Eurozone focus now turns to May’s flash inflation releases, which will start to filter through from next Wednesday.

 

Keep reading...Show less