OPTIONS: Expiries for May12 NY cut 1000ET (Source DTCC)
May-09 14:01
- EUR/USD: $1.0920(E1.2bln), $1.1250(E1.1bln), $1.1350(E650mln)
- USD/JPY: Y142.45-50($1.0bln), Y144.00-05($510mln), Y145.00($1.9bln), Y145.65($950mln)
- GBP/USD: $1.3200(Gbp525mln), $1.3315(Gbp620mln), $1.3385(Gbp846mln)
- USD/CAD: C$.3800($1.2bln)
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TARIFFS: USTR Greer To House Ways And Means Ctte Underway Shortly
Apr-09 14:01
United States Trade Representative Jamieson Greer's testimony to the House Ways and Means Committee is set to get underway shortly. LIVESTREAM
- Yesterday, in his corresponding Senate hearing on the Trump administration's trade agenda, Greer signalled that the goal of the administration’s tariff policy is to negotiate a new series of trade deals.
- Axios notes that Greer said the tariffs are “both” a short-term negotiating tool and a long-term punitive measure. He also declined to call the tariff escalation a trade war, since “most countries have said they’re not going to retaliate.”
- Greer added that if countries present solutions for shifting the dynamic, the message to them is "we want to negotiate with you," per NPR.
- Ranking Democrat on the Senate Finance Committee, Senator Ron Wyden (D-OR), told Greer yesterday: “...Trump and his advisers have yet to provide an understandable explanation – any explanation – for what his tax hike on the American people is supposed to accomplish.”
- Senator Todd Young (R-ID) said: “...trade retaliation doesn’t fall on everyone evenly. It has a different impact on a New York tech firm than it might have on a Hoosier soy bean farmer. … In Indiana, rural communities and export-driven manufacturers oftentimes feel the consequences and they feel the consequences first.”
- If there is going to be a concerted move by Congress to rein in Trump’s authority to unilaterally impose tariffs, it is likely to come from farm and manufacturing state Republicans like Young.
STIR: Surge in SOFR Call Spreads
Apr-09 14:00
Surge in SOFR call spds over the last few minutes, underlying futures remain weaker, short end support evaporating:
- +70,000 SFRM5 97.50/98.50 call spds 3.0-3.25 ref 96.10
- Block/screen +57,000 SFRM5 96.50/97.25 call spds 6.5-7.0 ref 96.125 to -.10
- +10,000 SFRM5 95.68/95.75/95.81 put flys, 0.75 ref 96.10
- -5,000 0QM5 96.75/97.00/97.25 2x2x1 call flys, 12.0 ref 9684
- +4,000 2QM5 96.43 puts vs 3QM5 96.25 puts, 3.5 net db/Blue Jun over
- 9,000 0QK5 98.00 calls, 3.0 ref 96.86
MNI:US FEB WHOLESALE INV 0.3%; SALES 2.4%
Apr-09 14:00
- MNI:US FEB WHOLESALE INV 0.3%; SALES 2.4%
