STIR: de Guindos Has Little Impact On ECB Pricing; Lane Eyed Next

ECB implied rates are little changed this morning, with ECB-dated OIS showing 44bps of easing through the remainder of this year.

• Comments from ECB VP de Guindos (covered earlier) did not shift September pricing, with OIS already pricing an ~80% implied probability of a 25bp cut through that meeting,
• De Guindos’ emphasis on projection meetings echoes comments from June 18 after the first cut of this year was delivered earlier that month.
• Remarks from ECB’s Lane at 0800BST/0900CET provides the next focus point. On June 17, Lane noted that every ECB meeting was “live”, but that we wouldn’t know enough about services inflation by the now-passed July meeting. 
• Euribor futures are flat to -2.0 ticks through the blues, seeing similar price action to Bunds overnight/this morning.