Maybe Third Time Isn’t The Charm By Benjamin Picton, senior macro strategist at Rabobank The European Central Bank surprised nobody by cutting its deposit facility rate to 3.25% yesterday. OIS futures were virtually fully-priced for the outcome, and all 65 analysts surveyed by Bloomberg (including our own Bas van Geffen) predicted the 25bps cut, the third of the current easing cycle. The futures market now has 37.7bps worth of cuts priced for the December meeting as Christine Lagarde highlighted concerns over the growth outlook, particularly in the manufacturing sector where rising energy costs, competitive pressures and weaker growth in export… — Continue at ZeroHedge News : Read More
