RUSSIA: CBR Note That Underlying Inflation Metrics Continue to Decline
Highlights from the policy statement: * Further decisions on the key rate will be made depending on...
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BUNDS: Testing Monday's high
- The German Bund is finding some resistance just ahead of the initial resistance of 131.24, Monday's high.
- The US Tnotes still underperforms, helping keep the Tnotes/Bund spread 3.7bps wider, but still just short of 182.6bps, May's widest print in the spread.
LOOK AHEAD: Wednesday Data Calendar: FOMC Main Event
- US Data/Speaker Calendar (prior, estimate)
- 7-May 0700 MBA Mortgage Applications (-4.2%, --)
- 7-May 1000 Tsy Sec Bessent
- 7-May 1130 US Tsy 17W bill auction
- 7-May 1400 FOMC policy annc (no summary of economic projections)
- 7-May 1500 Consumer Credit (-$0.810B, $9.387B)
STIR: Short Cover Further Out The SOFR Strip On Tuesday
OI data points to a mix of net long setting and short cover in SOFR futures on Tuesday.
- The single largest positioning swing came via net long setting in SFRU6, while the most meaningful probably came via net short cover in the late greens and entirety of the blues.
| 06-May-25 | 05-May-25 | Daily OI Change |
| Daily OI Change In Packs |
SFRH5 | 1,081,657 | 1,080,637 | +1,020 | Whites | -9 |
SFRM5 | 1,249,521 | 1,253,066 | -3,545 | Reds | +10,397 |
SFRU5 | 1,008,902 | 1,004,235 | +4,667 | Greens | +2,193 |
SFRZ5 | 1,074,181 | 1,076,332 | -2,151 | Blues | -22,907 |
SFRH6 | 741,988 | 748,954 | -6,966 |
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SFRM6 | 724,208 | 721,691 | +2,517 |
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SFRU6 | 718,726 | 701,188 | +17,538 |
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SFRZ6 | 855,264 | 857,956 | -2,692 |
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SFRH7 | 668,341 | 664,651 | +3,690 |
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SFRM7 | 552,913 | 551,371 | +1,542 |
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SFRU7 | 360,952 | 361,800 | -848 |
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SFRZ7 | 393,608 | 395,799 | -2,191 |
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SFRH8 | 269,942 | 277,418 | -7,476 |
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SFRM8 | 189,190 | 194,183 | -4,993 |
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SFRU8 | 149,352 | 153,413 | -4,061 |
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SFRZ8 | 158,551 | 164,928 | -6,377 |
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