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STIR: Euribor Little Moved By Early ECB Speakers

STIR
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Euribor futures were little moved by comments from ECB’s Rehn and de Guindos, with both policymakers stressing the bank’s “data dependent and meeting-by-meeting approach”.

  • Guindos nonetheless noted that “in December, we will have more information than in October”. This leans in favour of holding rates in October, a notion that has been supported by several ECB speakers/sources before and after the September decision.
  • ECB-dated OIS price 6bps of easing through the October meeting, and 132bps through June 2025. This is more aggressive than the 75bps implied by quarterly cuts at the next three projection meetings.
  • ECB President Lagard delivers a lecture at the IMF at 1600BST/1700CET today but is unlikely to deviate from her stance at the September press conference.
  • The remainder of today’s regional calendar is quite light, with flash September consumer confidence due this afternoon.

 

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Euribor futures were little moved by comments from ECB’s Rehn and de Guindos, with both policymakers stressing the bank’s “data dependent and meeting-by-meeting approach”.

  • Guindos nonetheless noted that “in December, we will have more information than in October”. This leans in favour of holding rates in October, a notion that has been supported by several ECB speakers/sources before and after the September decision.
  • ECB-dated OIS price 6bps of easing through the October meeting, and 132bps through June 2025. This is more aggressive than the 75bps implied by quarterly cuts at the next three projection meetings.
  • ECB President Lagard delivers a lecture at the IMF at 1600BST/1700CET today but is unlikely to deviate from her stance at the September press conference.
  • The remainder of today’s regional calendar is quite light, with flash September consumer confidence due this afternoon.

 

Keep reading...Show less