ITALY AUCTION RESULTS: Exchange auction results
MEF sells:
- E1.587bln of the 4.65% Oct-55 BTP (ISIN: IT0005668238) with a bid-to-cover of 1.73x. Note that a maximum of E2.0bln had been available
MEF buys back:
- E114mln of the 0% Aug-26 BTP (ISIN: IT0005454241)
- E159mln of the 0.85% Jan-27 BTP (ISIN: IT0005390874)
- E450mln of the 1.10% Apr-27 BTP (ISIN: IT0005484552)
- E625mln of the 0.95% Sep-27 BTP (ISIN: IT0005416570)
- E337mln of the 2.00% Feb-28 BTP (ISIN: IT0005323032)
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SOFR: Fed’s Williams Helped Tilt Bias To Short Setting In Futures On Friday
OI data also points to net short setting dominating in the U.S. short end as SOFR futures ticked lower on Friday.
- Inputs from wider core global FI markets and hawkish leaning commentary from NY Fed President Williams factored into the hawkish move.
- Some contract-specific instances of net long cover were seen, but they were comfortably outweighed by short setting in all packs through the blues.
| 19-Dec-25 | 18-Dec-25 | Daily OI Change |
| Daily OI Change In Packs |
SFRZ5 | 1,537,890 | 1,535,453 | +2,437 | Whites | +27,444 |
SFRH6 | 1,313,196 | 1,316,490 | -3,294 | Reds | +45,552 |
SFRM6 | 1,169,333 | 1,158,660 | +10,673 | Greens | +9,162 |
SFRU6 | 1,200,393 | 1,182,765 | +17,628 | Blues | +27,437 |
SFRZ6 | 1,152,251 | 1,128,350 | +23,901 |
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SFRH7 | 876,408 | 849,752 | +26,656 |
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SFRM7 | 759,413 | 764,279 | -4,866 |
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SFRU7 | 808,058 | 808,197 | -139 |
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SFRZ7 | 839,069 | 835,178 | +3,891 |
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SFRH8 | 468,577 | 468,770 | -193 |
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SFRM8 | 397,597 | 393,979 | +3,618 |
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SFRU8 | 383,121 | 381,275 | +1,846 |
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SFRZ8 | 336,970 | 326,093 | +10,877 |
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SFRH9 | 210,655 | 205,374 | +5,281 |
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SFRM9 | 218,974 | 209,705 | +9,269 |
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SFRU9 | 178,917 | 176,907 | +2,010 |
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LOOK AHEAD: Monday Data Calendar - Limited Into Christmas Holiday
- US Data/Speaker Calendar (prior, estimate). All times ET
- 12/22 0830 Chicago Fed Nat Activity Index (-0.17 est)
- 12/22 1130 US Tsy $86B 13W & $77B 26W bill auctions
- 12/22 1300 US Tsy $69B 2Y Note auction (91282CPS4)
- Source: Bloomberg Finance L.P. / MNI
ECB: Vujcic Maintains Position At Centre Of ECB Hawk-Dove Spectrum
Speaking in Zagreb, ECB’s Vujcic maintains his position at the centre of the ECB’s hawk-dove spectrum, with his view seemingly unchanged after the new economic projections unveiled last week.
- He offered little directional bias, saying the next move on rates could be in either direction and that inflation and growth risks are balanced.
- There’s little to get into in today’s comments but it confirms his pre-meeting view and implies that the larger than expected upward revisions seen for headline and core HICP inflation in 2026 and real GDP growth for both 2027 and 2028 haven’t swayed him.
- These pre-meeting remarks from Nov 26 offered a little more colour: "I don't have a special scenario in mind for a rate cut or a rate hike. Everything is circumstantial. We have many things we look at to determine the inflation outlook and interest rate action […] As I said, for the time being we are in a good place"
- On the then upcoming December projections: "If you don't see large enough persistent deviation or an increasing downward trend, then it is fine. Thinking two or three years ahead, you always have increasing uncertainty. We better stick to the more visible future and make sure that the data we get is consistent with our projections. If they are, we are fine."
The latest MNI Hawk-Dove Spectrum taken from the ECB Preview:
