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STIR: Euribor Futures Little Changed Ahead Of Fed Decision

STIR
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Euribor futures are little changed versus yesterday’s settlement levels, having traded in a tight overnight range.

  • UK August CPI was in line with consensus and had little impact on the space. Global focus remains on this evening’s Fed decision.
  • ECB-dated OIS continue to price 7bps of cuts through the October meeting, and 37bps through year-end.
  • The August EZ Indeed wage tracker (released yesterday afternoon) accelerated to 4.1% Y.Y (vs 3.9% prior), underscoring ECB preferences for a gradual (i.e. quarterly) easing cycle, for now.
  • August final CPI is due at 1000BST/1100CET, with most focus as usual being on the ECB’s underlying inflation metrics.
  • ECB’s Holzmann and Vujcic are scheduled to speak from a Financial Stability conference from 0800BST, with Muller also speaking at a separate event at that time. Bundesbank’s Nagel also speaks at 1200BST.

 

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Euribor futures are little changed versus yesterday’s settlement levels, having traded in a tight overnight range.

  • UK August CPI was in line with consensus and had little impact on the space. Global focus remains on this evening’s Fed decision.
  • ECB-dated OIS continue to price 7bps of cuts through the October meeting, and 37bps through year-end.
  • The August EZ Indeed wage tracker (released yesterday afternoon) accelerated to 4.1% Y.Y (vs 3.9% prior), underscoring ECB preferences for a gradual (i.e. quarterly) easing cycle, for now.
  • August final CPI is due at 1000BST/1100CET, with most focus as usual being on the ECB’s underlying inflation metrics.
  • ECB’s Holzmann and Vujcic are scheduled to speak from a Financial Stability conference from 0800BST, with Muller also speaking at a separate event at that time. Bundesbank’s Nagel also speaks at 1200BST.

 

Keep reading...Show less