Market pricing for both start of rate cuts and totality of cuts in 2024 is excessive Recent accommodation priced into rates is inconsistent with policy stance to get inflation back to target Inflation will rebound in 1H 2024 and ECB should only reassess policy outlook after this period Wage formation in Q1 2024 will be crucial for policy outlook The "excessive" language couldn´t be more clear, right? We are collecting some STIR Q1/2024 option premiums as we smell that some hedge funds and Tier1 desk will happily hand over their funds to us! Nothing more nasty than time decay....!