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STIR: Euribor Futures Slightly Firmer, de Guindos Adds Little New Overnight

STIR
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Euribor futures drifted slightly higher alongside core FI after yesterday’s settlement, currently flat to +1.5 ticks through the blues. Today’s regional calendar is limited, with focus on tomorrow’s flash Q3 GDP data and the start of the October flash inflation round.

  • ECB-dated OIS remain within recent ranges, with 35bps of easing priced through December and 127bps of cuts priced through June 2025 (i.e. consistent with at least 25bp cuts at each of the next 5 ECB meetings).
  • Yesterday evening, ECB Vice President de Guindos struck a balanced tone. He referenced two-way risks to inflation and re-iterated the ECB’s view that growth risks are “elevated and tilted to the downside”.
  • MNI’s Eurozone inflation preview will be released this morning. 

 

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Euribor futures drifted slightly higher alongside core FI after yesterday’s settlement, currently flat to +1.5 ticks through the blues. Today’s regional calendar is limited, with focus on tomorrow’s flash Q3 GDP data and the start of the October flash inflation round.

  • ECB-dated OIS remain within recent ranges, with 35bps of easing priced through December and 127bps of cuts priced through June 2025 (i.e. consistent with at least 25bp cuts at each of the next 5 ECB meetings).
  • Yesterday evening, ECB Vice President de Guindos struck a balanced tone. He referenced two-way risks to inflation and re-iterated the ECB’s view that growth risks are “elevated and tilted to the downside”.
  • MNI’s Eurozone inflation preview will be released this morning. 

 

Keep reading...Show less