October 11, 2024 06:40 GMT
STIR: Euribor Futures Off Highs Alongside Core FI, Holzmann Due
STIR
Euribor futures are flat to +2.0 ticks through the blues, off overnight highs alongside core FI.
- The ECB’s Holzmann delivers a lecture on “The normalization of the monetary policy in the euro area - challenges and opportunities” at 0800BST/0900CET.
- His comments on Monday were in fitting with his hawkish stance, and we expect a similar rhetoric today.
- ECB-dated OIS price 23bps of cuts through next Thursday’s meeting and 48bps through year-end.
- Today’s regional calendar is light, leaving focus on US PPI data at 1330BST.
Meeting Date | ESTR ECB-Dated OIS (%) | Difference Vs. Current Effective ESTR Rate (bp) |
Oct-24 | 3.182 | -23.2 |
Dec-24 | 2.933 | -48.1 |
Jan-25 | 2.728 | -68.6 |
Mar-25 | 2.484 | -93.0 |
Apr-25 | 2.335 | -107.9 |
Jun-25 | 2.167 | -124.7 |
Jul-25 | 2.074 | -134.1 |
Sep-25 | 1.987 | -142.7 |
Source: MNI/Bloomberg. |
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