US FINANCIALS: Fifth Third Bank 3Q25

• Treasury futures are currently extending lows, albeit on lighter volumes with the FOMC rate announcement an hour away.
• Currently, the Dec'25 10Y trades -8.5 at 113-09 (yld 4.0470% +.0209) vs. 113-08 low - remains above initial firm support to watch is 112-28, the 20-day EMA.
• Curves flatter: 2s10s -2.268 at 49.990, 5s30s -4.261 at 101.951.
• Cross asset update: Stocks mixed, DJIA up 197.81 points (0.43%) at 45955.83, S&P E-Minis down 14.75 points (-0.22%) at 6652.75, Nasdaq down 125.8 points (-0.6%) at 22208.25. Bbg US$ index inching off recent lows (BBDXY +.20 at 1189.10).

A new Gallup survey has found that 80% of US adults believe the government should maintain rules for AI safety and data security, even if it means developing AI capabilities more slowly.

• According to Gallup, In contrast, 9% say the government should prioritize developing AI capabilities as quickly as possible, even if it means reducing rules for AI safety and data security. Eleven percent of Americans are unsure.
• Gallup notes, “This preference is notable against the backdrop of global competitiveness in AI development. Most Americans (85%) agree that global competition for the most advanced AI is already underway, and 79% say it is important for the U.S. to have more advanced AI technology than other countries.”

Figure 1: Which should the government prioritise when it comes to AI?

Source: Gallup

Wednesday's Europe rates/bond options flow included: 

• ERH6 98.00/98.0625cs x1 vs 98.4375/97.875^^ x0.5, bought the cs for 1 in 8k total
• ERM6 98.375/98.25/97.9375p ladder, sold in ~4.58k, just over 5k Total on the day
• SFIZ5 96.15/96.20/96.25/96.30c condor, bought for 0.75 in 10k Total