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STIR: Euribor Follows Core FI Lower

STIR
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Euribor futures are -2.0 to -6.5 ticks through the blues, weakening alongside core FI this afternoon. ERZ5 and ERZ6 have tested yesterday’s lows. 

  • The (slightly) stronger than expected Eurozone consumer confidence won’t have hurt downside momentum, while President Lagarde has not (and is unlikely to) offered much new to the policy debate at her ongoing lecture at the IMF.
  • ECB-dated OIS price 5bps of easing through the October meeting, down from 7/8bps at the start of this week.
  • There are 127bps of cuts priced through the June 2025 meeting, still a more aggressive pace than that implied by quarterly cuts.

 

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Euribor futures are -2.0 to -6.5 ticks through the blues, weakening alongside core FI this afternoon. ERZ5 and ERZ6 have tested yesterday’s lows. 

  • The (slightly) stronger than expected Eurozone consumer confidence won’t have hurt downside momentum, while President Lagarde has not (and is unlikely to) offered much new to the policy debate at her ongoing lecture at the IMF.
  • ECB-dated OIS price 5bps of easing through the October meeting, down from 7/8bps at the start of this week.
  • There are 127bps of cuts priced through the June 2025 meeting, still a more aggressive pace than that implied by quarterly cuts.

 

Keep reading...Show less