MEXICO: BofA Expects Banxico To Pause After 25bp August Cut
Jul-02 16:57
* BofA expects core inflation to keep rising to peak at 4.5% in November, driven by high wage grow...
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STIR: Full Reversal Of Rally On ISM Mfg, Powell Half-Watched Ahead
Jun-02 16:55
- Fed Funds implied rates for late 2025 have almost fully reversed the modest dovish tilt after the miss for ISM mfg (but with prices paid seeing another month close to 70) and soft construction spending.
- Cumulative cuts from 4.33% effective: 1bp Jun, 6.5bp Jul, 21.5bp Sep, 35.5bp Oct and 51.5bp.
- SFRZ6 meanwhile is back at pre-ISM lows of 96.725, for an implied terminal yield of 3.275% after a 4.5bp intraday recovery. It’s back in the range of 100bp +/-5bp of cuts from the effective rate seen mostly over the past three weeks).
- Ahead, Fed Chair Powell is set to give opening remarks at conference marking the Board of Governors International Finance 75th anniversary (text only). The conference is to recognize the division’s history and we don’t expect Powell to touch on mon pol, or at least certainly not offer anything new, but will monitor just in case.
MNI EXCLUSIVE: ISM Manufacturing Survey Chief Speaks to MNI
Jun-02 16:54
- ISM manufacturing survey chief discusses the sector outlook -- On MNI Policy MainWire now, for more details please contact sales@marketnews.com
OPTIONS: German Package, Sonia Condors Monday
Jun-02 16:52
Monday's Europe rates/bond options flow included:
- Bond Futures Package:
- DUU5 107.30p, sold at 21.5 in 6.75k
- DUU5 107.20p, sold at 17.5 in 6.75k.
- UBU5 119.00p, sold at 280 in 500.
vs - RXU5 130.00p, bought for 115 in 2k.
- OEU5 117.75p, bought for 64.5 in 4k.
- ERM5 97.87p, bought for 0.25 in 6k.
- SFIU5 96.00/95.90/95.60p ladder, bought for 3.5 in 4k.
- SFIZ5 96.25/96.35/96.45/96.55c condor, bought for 2 in 5k.
- SFIZ5 95.90/95.80/95.70/95.60p condor, bought for 1.75 in 8.88k.
