STIR: Effective Fed Funds Rate

• President Joe Biden hinted at a bid for a second term in the Oval Office when he delivered his annual State of the Union speech in front of an unruly Congress yesterday.
• Biden signalled a desire to “finish the job” and focused on domestic issues, making only fleeting reference to the Chinese spy balloon and war in Ukraine.
• Arkansas Governor Sarah Sanders (R-AK) said in the Republican response to Biden’s speech: “The dividing line in America is no longer between right or left. The choice is between normal or crazy.”
• House Republicans are preparing to pass a bipartisan resolution condemning Chinese surveillance as the US warns allies of the scale of China's balloon espianage.
• Germany Economy Minister Robert Habeck and French Finance Minister Bruno Le Maire touted Franco-German unity following talks with Biden administration officials on the Inflation Reduction Act.
• NATO Secretary General Jens Stoltenberg will hold meetings with Biden administration officials and lawmakers today
• as concerns increase for ongoing support for Ukraine.
• Poll of the Day: President Biden is currently experiencing his highest approval rating in over a year as the White House watches closely for a positive response to yesterday’s State of the Union speech.

• Cross assets remains steady as the street await CB speakers.
• Volumes in the US are still fairly subdued for this time of the day.
• They are more notable in the German Schatz and Bund, albeit still below what we have seen in the past few sessions.

Similar in FX turnovers vs 5 days averages:

• EUR 27%.
• GBP 29%.
• JPY 30%.
• AUD 32%.
• CAD 22%.
• CHF 27%.
• NZD 25%.
• NOK 22%.
• SEK 27%.