Fidelity International, Amundi See at Least Two ECB Cuts

Some of Europe’s biggest asset managers say the market is underestimating the probability of additional interest-rate cuts from the European Central Bank.

Fund managers at Fidelity International and Amundi SA say further easing is coming, even as money markets wager policymakers are done. Swaps pricing implies a less than 50% chance of another reduction in borrowing costs.