EURIBOR TODAY | Euribor price today, October 9, 2024: calm comes after the financial storm
Everybody’s talking about Euriborbut why is this needed at all? Euribor, or the euro interbank offered rate, is the main index in setting boy of interest a wide range of financial products, including mortgage loans.
It is calculated daily based on interest rates offered by a group of 18 leading European banks and reflects the cost at which they lend to each other in the interbank market.
slight drop
Since the beginning of 2024, its average value is 3.675%noting decrease -0.347 points compared to 2023 average (4.022%): 3.605% in January, 3.671% in February, 3.718% in March, 3703% in April, 3680% in May, 3650% in June, 3.526% in July, 3.166% in August and 2936% in September.
Today’s index October 9stays in 2.792% (-0.006), a yearly low, while the October average so far is 2.742% (-0.194) and what is expected in this tenth month of the year in 2.777%.
ECB and interest rates
Last October, Euribor reached its highest level in six years, reaching 4.16%. The European Central Bank (ECB) subsequently cut interest rates by 25 basis points – from 4.5% to 4.25% – thereby ending the rise in the cost of money that began in July 2022.
This measure was aimed at combating rising prices that were stifling the economy at the time due to the energy crisis caused by the Ukrainian war.
Now the body chaired by the Frenchwoman Christine Lagarde has approved second drop of 0.25 points interest Guys of interest officers eurozone this year. This measure joins the fall Guys interest in the United States, which is currently in the range of 4.75 to 5%.
The future of interest rates
Opinions vary on how many additional cuts the ECB could make in 2024. Some predict another reduction by the end of the year.but everything will depend on how macroeconomic data and the global economic situation develop.
The Governing Council has planned other four meetings for the remainder of 2024 for eurozone monetary policy decisions: 18 July, 12 September, 17 October and 12 December.