RUSSIA: Kremlin Spox-Many Issues To Be Addressed Before Trump-Putin Summit
Reuters reports comments from Kremlin spox Dmitry Peskov, the first major set of comments from Moscow since US President Donald Trump's confirmation that he would meet with President Vladimir Putin in Hungary in the near term. Peskov says it will release details of a call between Putin and Hungarian PM Viktor Orban shortly.
- Peskov: 'There are many questions that need to be first worked out by [Foreign Minister Sergey] Lavrov and [US Secretary of State Marco] Rubio before a Trump-Putin summit.' Says that these include the route Putin would take to the summit, the exact location of the meeting, and the composition of the delegations.
- Says that the summit 'could take place within two weeks or later' [effectively giving little indication of actual timing].
- Peskov claims that Putin told Trump "Russia remains open to a settlement in Ukraine", as well as "setting out Russia's stance on the possible delivery of Tomahawk cruise missiles to Ukraine very clearly," (see 'UKRAINE: Zelenskyy US Visit Upended By Trump-Putin Summit Announcement', 11:11BST)
- Regarding Hungary being selected as the venue, Peskov says the country "has a special status when it comes to its sovereignty and defending its own interests". Reuters reports an EU spox saying "if the proposed meeting between Trump and Putin helps peace in Ukraine, we welcome it" and that the EU supports Trump in his efforts. The invitation of Putin to an EU member state (his first since the full-scale invasion of Ukraine) risked deepening the rift between Budapest and Brussels.
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FED FUNDS FUTURES: Ongoing Buying In FFV5
Ongoing trade in FFV5 with paper paying 95.945 on 7K, taken bid over.
SOFR: Net Long Setting Dominated In Futures On Tuesday
OI data points to net long setting in most SOFR futures on Tuesday, as contracts settled a little higher on the day. Instances of short cover were fairly limited.
| 16-Sep-25 | 15-Sep-25 | Daily OI Change |
| Daily OI Change In Packs |
SFRM5 | 1,228,379 | 1,226,388 | +1,991 | Whites | +58,172 |
SFRU5 | 1,481,457 | 1,452,391 | +29,066 | Reds | +22,225 |
SFRZ5 | 1,685,350 | 1,679,287 | +6,063 | Greens | +9,140 |
SFRH6 | 1,206,952 | 1,185,900 | +21,052 | Blues | +34,803 |
SFRM6 | 1,011,037 | 1,007,896 | +3,141 |
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SFRU6 | 953,801 | 939,719 | +14,082 |
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SFRZ6 | 1,036,950 | 1,031,325 | +5,625 |
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SFRH7 | 758,116 | 758,739 | -623 |
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SFRM7 | 823,104 | 821,609 | +1,495 |
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SFRU7 | 686,603 | 679,556 | +7,047 |
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SFRZ7 | 703,149 | 694,858 | +8,291 |
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SFRH8 | 444,345 | 452,038 | -7,693 |
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SFRM8 | 365,170 | 368,093 | -2,923 |
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SFRU8 | 281,056 | 263,874 | +17,182 |
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SFRZ8 | 284,826 | 265,019 | +19,807 |
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SFRH9 | 184,107 | 183,370 | +737 |
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LOOK AHEAD: FOMC, Housing Data and Trump In UK
US Data/Speaker Calendar (prior, estimate). All times ET
- 09/17 0700 MBA mortgage apps (9.2%, --)
- 09/17 0720 Trump in Windsor Castle arrival ceremony (press pool)
- 09/17 0830 Housing starts Aug (1428k, 1365k)
- 09/17 0830 Building permit Aug P (1362k, 1370k)
- 09/17 1130 $65bn 17-week bills
- 09/17 1400 FOMC rate decision (25bp cut expected) and SEP
- 09/17 1430 Powell presser
- 09/17 1530 Trump in State Banquet (restricted photo pool)
- 09/17 1715 Trump in post-dinner program
Source: Bloomberg, White House Pool, MNI
