NBP: Governor Vows To Increase Share Of Gold In Reserves, Cooperate With New Gov't
Feb-08 14:21
NBP Governor Adam Glapinski begins his press conference by announcing the Management Board's decision to increase the share of gold in the central bank's reserves to 20% from the current 12.6%. This is in line with the Governor's earlier suggestions amid attempts to increase the international credibility of Poland and its central bank
- The Governor reiterates that he will try to cooperate with the new government, or any future government, in a smooth manner. He says that the NBP will not do anything that could threaten this cooperation and notes that he will not take any questions on this matter.
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SONIA: Highest option volumes since September
Jan-09 14:16
- SFIM4 95.45/95.55/95.65/95.75c condor, bought for 1 again for another 1k, was bought for 8.5k earlier.
- These are the best volumes in Sonia Options since the 21st September.
SONIA: Upside option structures dominate
Jan-09 14:10
SONIA options have been active today, with the majority of trades targeting upside structures, via Flies and condors.
- SFIM4 95.35/95.45/95.55c fly, now bought for 1 and 1.25 in 35.45k total.
US: Speaker Johnson Faces Conservative Rebellion Over FY24 Deal
Jan-09 14:04
House Speaker Mike Johnson (R-LA) indicated to reporters yesterday that he has softened his formerly concrete opposition to another Continuing Resolution (CR) to avoid a government shutdown on Jan 20.
- Johnson’s pivot comes amid a potential conservative mutiny over a lack of cuts in the FY2024 topline spending deal Johnson negotiated with Senate Majority Leader Chuck Schumer (D-NY).
- Top GOP appropriator Senator Susan Collins (R-ME) warned that a CR will likely be required due to the time squeeze: “...time is ticking away very rapidly, and I am concerned that we have an awful lot of work to do prior to Jan. 19...”
- Conventional wisdom states that a government shutdown in an election year would be negative for the GOP but whether Johnson can successfully navigate a CR without prompting the same rebellion which led to the ouster of his predecessor Kevin McCarthy is unclear.
- A Republican lawmaker (notably not a Freedom Caucus member), told Punchbowl News: “As much as there was valid criticism and frustration with [McCarthy], [Johnson] is struggling to grow into the job and is just getting rolled even more than McCarthy did.”
- Note: Johnson would have to legislate a CR via suspension – the same mechanism McCarthy used to legislate his CR with a bipartisan majority.
- The House Rules Committee will meet today 16:00 ET 21:00 GMT. Comments following the meeting may indicate if conservatives will be open to a CR.
- More analysis in today's edition of the MNI US Daily Brief.
