EU CREDIT UPDATE: Belfius Bank €500m WNG 6y SR Non-Pref - Books

Today’s Fedspeak might see greater focus considering the continued shutdown-thinned data calendar. We hear from four separate speakers, who have all appeared since the Sep 16-17 FOMC meeting but not for the past two weeks. 

• 1000ET – Bostic (non-voter, hawk) at Fisk University (audience Q&A only). He reiterated on Sep 22 that he pencilled in only one rate cut for 2025 before adding on Sep 23 that the Fed definitely needs to be concerned about inflation with more inflation to come. He’d be open to using a range for the inflation target.
• 1005ET – VC Supervision Bowman (voter, dove) welcoming remarks at Community Banking conference (text only). She said Sep 26 that it’s time to act decisively and proactively to protect jobs but that she prefers a gradual approach to rate changes. She prefers the smallest possible balance sheet.
• 1030ET – Gov. Miran (voter, outright dove) in fireside chat at MFA Policy Outlook (moderated Q&A only). He was the September dot looking for 150bp of cuts to 2.75-3.0% by end-2025 and with appropriate rates in “the mid-2 percent area”. He laid out his rationale in a speech on Sep 22, heavily focused on his estimates of the neutral rate: https://www.federalreserve.gov/newsevents/speech/miran20250922a.htm
• 1130ET – Kashkari (’26 voter) in conversation on AI and the economy. Speaking a few days after the Sept FOMC decision, he said on Sep 19 that two more rate cuts this year are appropriate and that he’s more confident that tariffs will have a one-time effect on inflation. He is confident that underlying inflation will head down.
• 1605ET – Gov. Miran (voter) at Deutsche Bank macro conference (moderated Q&A only)

OI data suggests that net short setting dominated through the blues as SOFR futures ticked lower on Monday, with only a couple of limited rounds of net long cover seen.