ECB's SPF from Friday showed yet another decline in the long term growth of EA. -0.02pp to 1.26%...

The trend is not our friend

ECB terminal rate pricing

Significant repricing in the past days on the terminal rate for ECB policy rate.

Relative to Tuesday last week, markets have shaved off 1 full 25bp, to a terminal end rate of 1.84% (€STR+8bp)