US TSYS: Late SOFR/Treasury Option Roundup: SOFR Put Surge
May-09 19:13
SOFR options saw better put structure buying throughout the session, volume picking up in the second...
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US OUTLOOK/OPINION: US Goods Imports With Highest China Share
Apr-09 19:09
- We include apparel in the summary section of the MNI US CPI Preview (here) as around 30% of end-use US imports are from China and apparel forms about 2.5% of the total CPI basket.
- Analysts expect a moderation to 0.3% M/M after 0.6% M/M. It’s a noisy category and so should be taken with caution but we’ll nevertheless watch it closely.
- Other areas to watch for initial passthrough before potentially much larger increases feedthrough in months ahead after a lurch higher in tariff rates include cell phones, computers and related accessories and electrical apparatus.
- The below table is a useful guide of what areas to watch, with the US tariff on China jumping from 20% in March to an announced 104% earlier this week (after China retaliation) and now 125% after today's latest announcement from US President Trump.
US TSY OPTIONS: BLOCK: Large May'25 10Y Put Cross
Apr-09 19:08
- 30,000 TYK5 108.5 puts, 11 vs. 110-11/0.02% at 1502:29ET
STIR: BLOCK: Jun'25 SOFR Skew Play
Apr-09 19:03
- 5,000 SFRM5 95.62/95.75 put spds 1.0 over 96.00/96.12 call spds ref 95.915, CME site shows puts sold over at 1454:12ET
