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8 Jun 2022

Traders Price in 75 bps of ECB rate hikes by September

The Index Today

Money markets mounted their bets on European Central Bank (ECB) interest rate rises on Wednesday to price in 75 basis points (bps) of hikes by September.

With the bank largely expected to start rises in July and move in 25-bp increments, the pricing implies traders now expect its hikes to include a rare 50-bp move at a single meeting by September, compared with the October timing anticipated on Friday, Reuters reported.

The ECB's next policy-setting meeting will be held on Thursday.

By 0743 GMT, Germany's 10-year yield, the benchmark for the euro area, was up 3 bps at 1.31%, after touching the highest since 2014 at 1.343% on Tuesday.

Italy's 10-year yield was up 5 bps at 3.45%, after having risen to the highest since 2018 at 3.55% on Tuesday. The closely watched risk premium on 10-year Italian debt over Germany's was at 213 bps, down from over 220 bps earlier this week.

In the primary market, Germany and Portugal will sell 10-year bonds at auctions on Wednesday.

©Photo: @JosepBorrellF / Twitter

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