May 30, 2024 06:42 GMT
STIR: Euribor Futures Little Changed, Spanish Flash Inflation Due
STIR
Euribor futures are little changed through the blues, with today’s regional calendar headlined by flash May inflation from Spain and the EC’s consumer and business surveys.
- German flash HICP inflation printed above consensus at 2.8% Y/Y (vs 2.7% cons) yesterday, providing some upside risks to the 2.5% Y/Y Eurozone-wide consensus (due tomorrow).
- ECB-dated OIS shows 59bps of easing through the remainder of this year, broadly in line with yesterday’s settlement levels.
- The ECB enters the pre-meeting quiet period as of today, meaning any scheduled Governing Council appearances should not touch on monetary policy matters.
- However, we note that any interviews conducted before the quiet period may still be published in the coming days.
| Meeting Date | ESTR ECB-Dated OIS (%) | Difference Vs. Current Effective ESTR Rate (bp) |
| Jun-24 | 3.678 | -23.1 |
| Jul-24 | 3.645 | -26.4 |
| Sep-24 | 3.490 | -41.9 |
| Oct-24 | 3.436 | -47.3 |
| Dec-24 | 3.318 | -59.1 |
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