Interesting!

Jan. 24 (Bloomberg) — Short-end rates aren’t discounting
swift action from ECB, even though bunds suggest more investors
are anticipating such a move, Christoph Rieger, head of fixed-
rate strategy at Commerzbank, says in client note.
Expects ECB to cut refinancing rate to 0.10% and deposit rate to -0.10% in March
Inflation data next week could pave way for negative rates
Recommends investors hold outright longs in March 2014 Euribor and switch Eonia flatteners into steepeners
EUR 5/10 swap steepeners and 1M5Y straddles offer value
NOTE: RBC Capital Markets, which also expects 15bps refi-rate cut in March, says move isn’t priced in; says 5/10 EUR steepeners attractive