STIR: Fed Terminal Rate Pricing Moves Further Below 3.00% After Soft JOLTS
Sep-03 14:10
Liquid FOMC-dated OIS contracts are 1-3bp more dovish in the wake of the soft JOLTS jobs data, with 24bp of easing priced for this month, 37.5bp showing through October and 58.5bp priced through year-end.
- December pricing is now ~2bp more dovish on the day and ~4bp off hawkish session extremes. Pricing for that contract sticks comfortably within the multi-week range.
- SOFR implied terminal rate sees a 3bp adjustment, moving from 2.985% pre-data to 2.955%
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MNI: US JUN FACTORY ORDERS -4.8%; EX-TRANSPORT NEW ORDERS +0.4%
Aug-04 14:00
- MNI: US JUN FACTORY ORDERS -4.8%; EX-TRANSPORT NEW ORDERS +0.4%
- US JUN DURABLE ORDERS -9.4%
- US JUN NONDEFENSE CAP GOODS ORDERS EX AIRCRAFT -0.8%
MNI: US JUN FACTORY ORDERS -4.8%
Aug-04 14:00
- MNI: US JUN FACTORY ORDERS -4.8%
BUNDS: Pushing above Friday's high
Aug-04 13:56
- Bund is lifted in 5k, new intraday high and now a couple of ticks above Friday's high.
- Next immediate area of interest comes at 2.600% = 130.59.
