🏦📊Fed-ECB Spread Curve Holding After Rate Decision: Cable FX Macro

**As seen in Online Tools > IRP, get access now! cablefxm.co.uk

• Fed-ECB spread extends into negative territory, the shape of the implied rate differential curve is holding after the ECB decided to cut rates last week (upper left chart).

• Markets now price in over 100bps of easing from the Fed over the next year (upper right table). Looking at implied rates across our watch list (lower left chart), we notice the GBP holding a carry advantage.