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What's priced in?

ECB
  • ECB pricing for the May meeting is now down to 30bp (from 31bp at yesterday's close 32bp post-French HICP data).
  • The terminal rate is 75bp higher than current levels by September. This is down from yesterday's 77bp close and a spike above 80bp briefly following the French data (but more consistently 78bp post-French data and pre-Spain data).

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