FOMC, ECB Meeting Takeaways

We discuss the FOMC rate and QT decisions. US front-end rates now look much more fairly priced. QT decision disappointed us and we remain concerned about US funding markets. ECB meeting was a non-event, but Euro Area data surprises on both activity and inflation mean that the hawks will likely retain the narrative into the December meeting. We outline what this means for our ECB call and why we still see value in EUR rate markets.

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