EMERGING MARKETS: China Trade Discussions in Focus with Both US and EU
* US/CHINA (BBG): US President Donald Trump is aiming for a quick win in a pivotal Thursday meetin...
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LOOK AHEAD: Wednesday Data Calendar: New Home Sales, Build Permits, 5Y Note Sale
- US Data/Speaker Calendar (prior, estimate)
- 09/24 0700 MBA Mortgage Applications (29.7%, --)
- 09/24 1000 New Home Sales (652k, 650k), MoM (-0.6%, -0.3%)
- 09/24 1130 US Tsy $28B 2Y FRN re-open (91282CNQ0) & $65B 17W bill auctions
- 09/24 1300 US Tsy $70B 5Y Note Auction (91282CPA3)
- 09/24 #### Building Permits (1.312M, 1.312M), MoM (-3.7%, 0.0%)
- 09/24 1610 SF Fed Daly economic outlook, moderated Q&A
- Source: Bloomberg Finance L.P. / MNI
SOFR: Long Setting Most Prominent In Futures On Tuesday, Pockets Of Cover Seen
OI data points to net long setting dominating as SOFR futures ticked higher on Tuesday, with the only short cover of any real note coming in the reds.
| 23-Sep-25 | 22-Sep-25 | Daily OI Change |
| Daily OI Change In Packs |
SFRU5 | 1,469,770 | 1,461,381 | +8,389 | Whites | +39,767 |
SFRZ5 | 1,559,007 | 1,550,994 | +8,013 | Reds | +7,684 |
SFRH6 | 1,180,726 | 1,163,177 | +17,549 | Greens | +11,130 |
SFRM6 | 1,053,819 | 1,048,003 | +5,816 | Blues | +8,905 |
SFRU6 | 930,052 | 938,440 | -8,388 |
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SFRZ6 | 1,074,520 | 1,042,996 | +31,524 |
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SFRH7 | 744,495 | 745,722 | -1,227 |
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SFRM7 | 802,467 | 816,692 | -14,225 |
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SFRU7 | 665,961 | 661,401 | +4,560 |
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SFRZ7 | 717,820 | 709,544 | +8,276 |
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SFRH8 | 431,095 | 436,204 | -5,109 |
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SFRM8 | 368,415 | 365,012 | +3,403 |
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SFRU8 | 276,589 | 270,876 | +5,713 |
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SFRZ8 | 301,116 | 299,920 | +1,196 |
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SFRH9 | 190,007 | 188,377 | +1,630 |
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SFRM9 | 176,432 | 176,066 | +366 |
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US TSY FUTURES: Net Long Setting In TY Futures Noted On Tuesday
OI data points to a mix of net long setting (FV, TY, UXY and WN) and short cover (TU & US) as Tsy futures settled higher on Tuesday, with the only meaningful positioning swing coming via the net long setting in TY futures (~$2.3mln DV01).
| 23-Sep-25 | 22-Sep-25 | Daily OI Change | OI DV01 Equivalent Change ($) |
TU | 4,531,832 | 4,560,564 | -28,732 | -984,506 |
FV | 6,750,221 | 6,733,778 | +16,443 | +725,919 |
TY | 5,477,985 | 5,442,415 | +35,570 | +2,331,635 |
UXY | 2,373,993 | 2,370,888 | +3,105 | +272,902 |
US | 1,834,358 | 1,834,493 | -135 | -19,167 |
WN | 2,019,868 | 2,018,623 | +1,245 | +232,128 |
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| Total | +27,496 | +2,558,912 |
