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19 August 2025 

Money Market Outlook: Our latest for the eurozone, US and UK

Here, we go deep into the weeds of the eurozone, US, and UK money markets, and we detail what we view as the key themes ahead

Money Market Outlook: Our latest for the eurozone, US and UK

In this bundle

Eurozone Money Markets: ECB cuts come to an end but the balance sheet shrinks further
Rates

Eurozone Money Markets: ECB cuts come to an end but the balance sheet shrinks further


Money market spreads have steadied following the conclusion of rate cuts, but there is upside pressure on a shrinking ECB balance sheet


Benjamin Schroeder

US Money Markets: Stability in bank reserves, but changes are coming
Rates
United States

US Money Markets: Stability in bank reserves, but changes are coming


Ample bank reserves will ease lower in the coming months. Value in market Repo, Bills and in terming out


Padhraic Garvey, CFA

UK Money Markets: Slower QT will support GBP liquidity conditions
Rates
United Kingdom

UK Money Markets: Slower QT will support GBP liquidity conditions


Liquidity conditions remain broadly stable on a reduced pace of QT together with a strong uptake in Bank of England liquidity facilities


Michiel Tukker

Tags

US money marketsUK money marketsQuantitative tighteningEuropean money marketsBank of England rates

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In this bundle
Money Market Outlook: Our latest for the eurozone, US and UK Eurozone Money Markets: ECB cuts come to an end but the balance sheet shrinks further US Money Markets: Stability in bank reserves, but changes are coming UK Money Markets: Slower QT will support GBP liquidity conditions

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