Intraday Market Thoughts

Archived IMT (2008.10.31)

by Ashraf Laidi
Oct 31, 2008 10:37

Eurozone Oct CPI drops to 3.2% y/y (lowest since Jan) from 3.6%, further supporting expectations of a 50-bp ECB cut to 3.25% next Thursday. ECBs Bini Smaghi was unusually forthcoming earlier today about signaling further ECB rate cuts. The CPI drop does a great a deal in allaying fears of the ECB inflation bogeyman, especially after CPI being as high as 4.00% in June.


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