US: FED Reverse Repo Operation: Month End Surge
Feb-27 19:28
RRP usage surged to $16.318B with 10 counterparties this afternoon vs. $3.796B Thursday. Compares to...
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STIR: Minor Hawkish Shift In Nearest Meetings, Otherwise No Change On FOMC
Jan-28 19:24
- Fed rates have seen an at best marginally hawkish reaction in US rates to the FOMC decision, more so at the very front end, but are ultimately little changed and hold the day’s mildly hawkish shift.
- FF cumulative cuts from effective 3.64%: 3.5bp Mar, 7.5bp Apr, 19.5bp Jun, 27bp Jul, 36bp Sep, 41.5bp Oct and 46bp Dec.
- SOFR futures are almost entirely unchanged, between 2-3 ticks lower on the day across 2H25-end-2027 contracts. The terminal implied yield of 3.25% (SFRZ6, +3bps) is still close to last week’s 3.285% highest close since July.
- In Fed Chair stakes, Waller has increased from 8% to 13% on Kalshi following his dissent.
USD: Greenback Broadly Unchanged After Brief & Moderate Extension of Strength
Jan-28 19:19
- The dollar remains largely unchanged following the Fed decision and statement, where changes were in line with MNI's expectations.
- A very moderate boost in the direct aftermath may have been a result of Miran only voting for a 25bp cut. EURUSD was perhaps the biggest mover, sliding down to 1.1896 lows, however, this may have been primarily driven by the comments from Germany's Merz on the recent moves for EURUSD being a concern.
- All eyes turn to Fed Chair Powell's press conference.
FED FUNDS FUTURES: BLOCK: Feb'26 Fed Funds Buy
Jan-28 19:18
- +5,000 FFG6 96.365, post time offer at 1409:20ET. The serial contract trades 96.365 last (-0.005)
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