IRAN: Axios-Nuclear Talks w/US To Resume In Oslo Next Week

Jul-03 14:47

Axios reports that Iran is set to resume nuclear talks with the US next week, marking an extraordinary turnaround from the US launching major airstrikes on Iranian nuclear enrichment sites in late June. The report claims White House envoy Steve Witkoff is planning to meet Iranian Foreign Minister Abbas Araghchi in the Norwegian capital, Oslo. 

  • Axios: "Witkoff and Araghchi have been in direct contact during and since the 12-day war between Israel and Iran, which ended in a U.S.-brokered ceasefire, according to the sources. Omani and Qatari officials have also been involved in mediating between the two sides. In the immediate aftermath of the war, the Iranians were reluctant to engage with the U.S., but that position has gradually softened."


 

Historical bullets

EURIBOR OPTIONS: Call Condor Close Out

Jun-03 14:40

ERM5 97.875/98.00/98.125/98.25 call condor, sold out at 11 in 10k.

STIR: Back To 50bp Of Fed Cuts For 2025 On Solid JOLTS Report

Jun-03 14:39
  • Stronger than expected job openings have seen Fed Funds implied rates rise 1bp for Sep/Oct meetings and 2bp for the Dec 2025.
  • Cumulative cuts from 4.33% effective: 0.5bp Jun, 6.5bp Jul, 21.5bp Sep, 35.5bp Oct and 50.5bp Dec.
  • It helps some continued paring of last week’s second half decline in implied rates although the Dec’25 is still 6bp lower than levels shortly before Thursday’s dovish jobless claims and GDP revisions.
  • The SOFR terminal implied yield of 3.295% (SFRZ6) is 3.5bp higher post-data for 1bp higher on the day.
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BOC: Instant Answers For BOC Rate Decision Expected Wed

Jun-03 14:38

Following are the expected Instant Answers for the Bank of Canada interest-rate decision Wed at 945am EST:

  • Overnight Rate Target  
  • Does the Bank signal it is prepared to LOWER rates in the future? 
  • Does the Bank signal it is prepared to RAISE rates in the future? 
  • Does the Bank signal it intends to leave rates on hold?
  • Does the Bank mention core inflation has been elevated or above the 2% target for headline CPI?
  • Does the Bank say the trade war is boosting inflation or inflation expectations?
  • Does the Bank say the risks to growth from the trade war appear to have eased?