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Why MNI
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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.
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Free AccessSTIR: ECB’s Rehn Deems Market Pricing For 2 Further ’24 Cuts “Reasonable”
Euribor futures are +1.0 to -2.5 through the blues, after the higher-than-expected Australian CPI print weighed on core FI markets overnight.
- ECB-dated OIS contracts price ~45bps of cuts through year end.
- Bank of Finland Governor Rehn has noted that market pricing is reflective of “reasonable expectations” for ECB cuts this year.
- He also played down the importance of the ECB moving at meetings accompanied by economic projections, in contrast to some of his colleagues and the rough theme in OIS pricing.
- ECB Chief Economist Lane headlines today’s ECB speaker calendar at 1140BST, with Rehn (again), Panetta and Kazaks also scheduled.
- Today’s regional economic data calendar is light.
Meeting Date | ESTR ECB-Dated OIS (%) | Difference Vs. Current Effective ESTR Rate (bp) |
Jul-24 | 3.647 | -1.6 |
Sep-24 | 3.464 | -20.0 |
Oct-24 | 3.391 | -27.2 |
Dec-24 | 3.210 | -45.3 |
Jan-25 | 3.124 | -53.9 |
Mar-25 | 2.991 | -67.2 |
Apr-25 | 2.914 | -74.9 |
Jun-25 | 2.790 | -87.3 |
Source: MNI/Bloomberg. 2025 dates are estimated. |
To read the full story
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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.