**As seen in Macro Walk report 10/06/23, subscribe at cablefxm.co.uk/reports
The implied rates section in our Macro Walk report has been tracking a change in relative Fed-ECB pricing for the last couple of months
A spread of implied rates had seen an inverted Fed-ECB curve back in August, this means that the ECB was seen outpacing the Fed, either by ECB hiking further or the Fed cutting rates sooner
Since the September FOMC meeting, there has been an acceleration in Fed rate cut bets paring. The development has sent the Fed-ECB curve flatter, analysts note this is something we have not seen since the ECB started hiking rates
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