ECB: Lagarde: Savings Rates Still Below Normal Levels
Jan-30 14:33
Q: 1. How far can real incomes can go comparing the pre-pandemic levels. 2. Q on Bulgaria extraordinary convergence report.
A: There has been a complete catch-up with pre-pandemic levels in real incomes for many member states, but the level of savings hasn’t returned to normal.
- Savings has increased and we very much hope that if confidence can be restored that they return towards normal. On Bulgaria, there is a convergence process that is well advanced.
A: We’re only marginally involved in the process. From what I’ve seen and discussions I’ve had I’m confident it’s going well.
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STIR FUTURES: BLOCK: Red Dec'25 SOFR
Dec-31 14:23
- 4,000 SFRZ5 96.08 (+0.020), post-time bid going into the cross at 0918:29ET, appears to be a sale - though futures continue to rise, the contract trades 96.09 last (+0.030).
STIR FUTURES: BLOCK: Jun'25 SOFR 1Y Bundle
Dec-31 14:10
Total 6,000 SFRM5 1Y bundles (SFRM5-SFRH6) from 0857ET to 0903ET, 4,000 crossed +0.015, 2,000 +0.010. Most likely swap-tied selling with spds running wider in the short end.
US TSYS: Post House Price Data React
Dec-31 14:04
- Treasury futures holding mildly higher levels - little to no reaction to in-line FHFA housing price & slightly higher than expected S&P CoreLogic data.
- Futures had already pared overnight gains since the top of the hour, the Mar'25 10Y contract currently trades 108-31.5 (+.5), curves off earlier lows: 2s10s +1.041 at 29.924, 5s30s -.316 at 38.559.
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