We discuss the FOMC rate and QT decisions. US front-end rates now look much more fairly priced. QT decision disappointed us and we remain concerned about US funding markets. ECB meeting was a non-event, but Euro Area data surprises on both activity and inflation mean that the hawks will likely retain the narrative into the December meeting. We outline what this means for our ECB call and why we still see value in EUR rate markets. You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations on the big stories, news and trends affecting your everyday financial life. "Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2025 Bank of America Corporation. All rights reserved.