TARIFFS: Brief Spike In Equities On Unclear White House Comms
Apr-08 17:51
Stocks popped higher on "*LEAVITT: 10% UNIVERSAL BASELINE TARIFF WILL GO INTO EFFECT" - bbg Presumably on the assumption that the higher individual tariff rates for those with trade surpluses with the rest wouldn't go ahead tomorrow.
But she'd earlier said "*LEAVITT: 'RECIPROCAL TARIFFS' WILL CONTINUE TO GO INTO EFFECT" - bbg
The former sounds like a misunderstanding with the 10% tariffs already in place as we first posted, but communication is certainly unclear. The 10% minimum rate had already come into effect on Saturday at 0001ET.
S&P 500 e-mini. Source: Bloomberg
STIR FUTURES: BLOCK: Sep'25 SOFR Buy
Apr-08 17:47
+10,000 SFRU5 96.465 (+0.050), buy through 96.455 post time offer at 1339:00ET, contract trades 96.475 last.
US TSY OPTIONS: Recent Flow Looking Mildly Bullish on Rates