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STIR: Steady 160bp Of ECB Cuts Priced Through '25

STIR
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ECB-dated OIS continues to show around 29bp of cuts for this month, despite the usually hawkish Kazaks outlining the potential for discussions surrounding a bigger move.

  • Market seems happy to lean more towards the idea of a 25bp given last week’s hawkish communique from influential Executive Board member Schnabel.
  • Further out the strip, 61.5bp of cuts priced through January, 96bp through March and 160bp through end ’25.
  • Contracts are 3bp more hawkish to 3.5bp more dovish on the day.
  • Euribor futures -1.0 to +5.0.
  • Limited hawkish adjustments confined to the very front end of the strips.
  • French fiscal headlines continue to dominate regional news flow.

ECB Meeting

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ECB-dated OIS continues to show around 29bp of cuts for this month, despite the usually hawkish Kazaks outlining the potential for discussions surrounding a bigger move.

  • Market seems happy to lean more towards the idea of a 25bp given last week’s hawkish communique from influential Executive Board member Schnabel.
  • Further out the strip, 61.5bp of cuts priced through January, 96bp through March and 160bp through end ’25.
  • Contracts are 3bp more hawkish to 3.5bp more dovish on the day.
  • Euribor futures -1.0 to +5.0.
  • Limited hawkish adjustments confined to the very front end of the strips.
  • French fiscal headlines continue to dominate regional news flow.

ECB Meeting

Keep reading...Show less