CZECHIA: Michl Gives No Timeline for Potential Rate Change
Dec-18 14:28
Highlights from Governor Michl's press conference below (via BBG):
- Gives no timeframe for potential Czech rate change.
- Michl sees equal chance for Czech rate cut or hike as next step.
- All options open for future Czech rate decisions.
- Czech policy needs to stay ‘relatively’ restrictive.
- Czech rates won't react to one-off change in power price.
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US Cash Opening calls, NDX should be close but above Yesterday's low.
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US SWAPS: Natixis Recommend 3s30s Swap Spread Curve Flatteners
Nov-18 14:15
Natixis recommend initiating 3s30s swap spread curve flatteners.
- They note that H225 has seen “a large move wider across the curve for various reasons, including but not limited to deregulation, a potential change in the Fed’s target rate, a quicker end to QT, significant rate locking flows and potential for future Fed TOMO operations during periods of repo tightness”
- While they think “many of the themes that have pushed spreads here are either priced in or overly priced” they suggest that “there is nothing near term that will disprove any of those themes.”.
- That said, Natixis write “while we think front end spreads can remain bid, our overall curve views on cash bonds has us bearish longer term spreads, and heading into 2026 would prefer to express this via a swap spread flattener”.
