CZECHIA: CNB Voted 6-1 in Favour of Rate Cut
May-07 13:02
* "CZECH CENTRAL BANK BOARD VOTED 6-1 TO CUT RATES WEDNESDAY" - BBG * "CZECH CENTRAL BANK RAISES 202...
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BONDS: Some Further Selling
Apr-07 13:01
Pressure in core global FI markets in recent trade, a combination of two headlines drive the latest downtick:
- European Commission President Von Der Leyen noting that the EU is ready to negotiate with the U.S. on trade (albeit with tariff countermeasures still on the table).
- Comments from White House trade advisor Navarro noting that President Trump is always open to doing a deal, suggesting that Trump aims to cut tariffs and non-tariff barriers.
- While none of this is particularly new information, it is helping sentiment after heavy risk-off flows were seen in Asia trade & the early London morning.
- The EU syndication that we have detailed was expected.
FRANCE T-BILL AUCTION RESULTS: 13/28/34/50-week BTFs
Apr-07 12:55
| Type | 13-week BTF | 28-week BTF | 34-week BTF | 50-week BTF |
| Maturity | Jul 9, 2025 | Oct 22, 2025 | Dec 3, 2025 | Mar 25, 2026 |
| Amount | E3.095bln | E1.999bln | E699mln | E1.997bln |
| Target | E2.7-3.1bln | E1.6-2.0bln | E0.3-0.7bln | E1.6-2.0bln |
| Previous | E3.297bln | E1.894bln | E398mln | E1.99bln |
| Avg yield | 2.212% | 2.092% | 2.066% | 1.996% |
| Previous | 2.259% | 2.326% | 3.616% | 2.131% |
| Bid-to-cover | 2.86x | 2.47x | 4.24x | 2.71x |
| Previous | 2.37x | 3.44x | 3.52x | 3.24x |
| Previous date | Mar 31, 2025 | Mar 10, 2025 | Jul 24, 2023 | Mar 31, 2025 |
FED: Today's Closed-Door Meeting Is A Non-Event
Apr-07 12:50
There is a regularly-scheduled closed meeting of the Fed Board of Governors at 1130ET today. This is a totally routine meeting to review and determine the advance and discount rates to be charged by Fed banks. To clarify, contrary to some market participants' discussion, this meeting has nothing to do with an emergency response to market moves. Indeed it's not even an meeting of the policy rate-setting FOMC, it's just a meeting of the 7-member Board of Governors.
- As the Fed website notes, "The Board of Governors meets regularly, typically every other Monday."
