(Photo: picture alliance / blickwinkel/McPHOTO/H. Richter)
The rates on the European money market changed little at the start of March. Inflation data from the Eurozone published this morning provides little impetus for the short end. For the economists at Commerzbank, the decline in the inflation rate in the euro area from 2.8 in January to 2.6 percent in February should at first glance give the doves in the ECB Council a boost. But a good part of the decline is due to the fact that the sharp price increase in February 2023 was out of the year-on-year comparison. In the shorter term, the underlying price inflation actually increased again. The decline in the core inflation rate from 3.3 to 3.1 percent cannot hide this. Meanwhile, the price data does not change the assessment that the ECB will not make any changes to key interest rates in the coming week. According to DZ Bank’s interest rate strategists, there is likely to be a controversial debate within the ECB Council about the “right” time for a first interest rate cut.
Here is the latest data: Daily allowance: 3.85 – 4.05 (3.84 – 4.10), Weekly allowance: 3.85 – 4.05 (3.82 – 4.05), 1 month money: 3.85 – 4.10 (3.85 – 4.10), 3-month money: 3.80 – 4.05 (3.85 – 4.05), 6 month money: 3.80 – 4.00 (3.80 – 4.00), 12 month money: 3.65 – 3.90 (3.65 – 3.85), Euribors: 3 months: 3.9380 (3.9370), 6 months: 3.9120 (3.9080), 12 months: 3.7440 (3.7490)