NORGES BANK: Bache: New Rate Path Consistent With One or Two More Cuts In '25
Jun-19 08:46
Latest headline from the Norges Bank presser via BBG: "*BACHE SAYS RATE PATH SUGGESTS ONE TO TWO MOR...
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BOE: Pill on real income resistances
May-20 08:43
Pill is now starting the Q&A.
- He went off script a bit on the welfare losses based on real income resistances (based on policymakers' beliefs vs true levels) and went into quite a bit more detail than the prepared text discusses.
- He argues that there are two-sided risks to assuming real income resistance is either too high or too low. And that there is no general result to be either too worried or not worried enough about intrinsic inflation.
OPTIONS: Larger FX Option Pipeline
May-20 08:31
- EUR/USD: May21 $1.1140-50(E1.3bln), $1.1250(E1.1bln), $1.1390-05(E2.1bln); May22 $1.1175(E1.9bln); May23 $1.1145-50(E1.1bln), $1.1180-85(E1.1bln), $1.1300(E1.0bln), $1.1330-50(E1.3bln), $1.1400(E1.1bln)
- USD/JPY: May23 Y144.00($1.4bln), Y145.00($1.9bln)
- GBP/USD: May22 $1.3260-70(Gbp1.5bln)
- USD/CAD: May22 C$1.4050($1.3bln); May23 C$1.4000-15($1.2bln)
GILT SYNDICATION: 5.375% Jan-56 gilt: Update
May-20 08:30
- Guidance unchanged: 4.25% Dec-55 gilt (GB00BT7J0241) + 1.75bp/2.25bp
- Size: GBP benchmark (MNI expects GBP5.5-8.5bln)
- Books in excess of GBP57bln (inc JLM interest of GBP3.75bln)
- ISIN: GB00BT7J0241
- JLMs: BNP Paribas, BofA Securities, Deutsche Bank, Goldman Sachs International Bank (B&D / DM) and Santander
- Settlement: 21 May 2025 (T+1)
- Maturity: 31 January 2056
- Coupon: 5.375%. Short first
- Timing: Books open, today's business (MNI expects books to close at 10:00BST)
From market source / MNI colour
