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STIR: ECB-dated OIS Continue To Price 5x25bp Cuts Across Next 6 Meetings

STIR
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Euribor futures are little changed versus yesterday’s settlement levels, after recovering from intraday lows alongside Bunds ahead of today’s US PPI data (which had little sustained market impact).

  • ECB-dated OIS price 123bps of easing through the June 2025 meeting, 2bps less dovish than this morning.
  • Current pricing still almost fully implies that the ECB will deliver 5x25bp cuts across the next six meetings.
  • The ECB has entered its pre-meeting quiet period, though any interviews conducted as of yesterday may still be published in advance of next Thursday's decision.

 

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Euribor futures are little changed versus yesterday’s settlement levels, after recovering from intraday lows alongside Bunds ahead of today’s US PPI data (which had little sustained market impact).

  • ECB-dated OIS price 123bps of easing through the June 2025 meeting, 2bps less dovish than this morning.
  • Current pricing still almost fully implies that the ECB will deliver 5x25bp cuts across the next six meetings.
  • The ECB has entered its pre-meeting quiet period, though any interviews conducted as of yesterday may still be published in advance of next Thursday's decision.

 

Keep reading...Show less