EURIBOR OPTIONS: Midcurve Put Spread, spread

• -1,000 SFRU5 95.87/95.93 straddle strip, 18.5
• +10,000 SFRU5 96.06/96.31 call spds, 1.0
• Update, pre-open trade: +5,000 SFRU5 95.81/95.93/96.06 2x3x1 put flys, 1.25 

• +25,000 TYV5 113.5 calls, 15 vs. 112-00.5/0.19% (pre-open)

NEC director Kevin Hassett (known to be a candidate for the next Fed Chair) tells CNBC that Chair Powell's Jackson Hole speech showed a Fed that is "late" to cut but that Powell's presentation was "sound" and "data driven". He also suggests that it could be another few months before President Trump makes his decision on the next Chair.

• "I think that the pivot was accurate. It was data driven. If you look at the trailing six month inflation rate, it's 1.9%; core is about half percent higher than that, and so inflation has gone way down. Meanwhile, the economy is looking strong, but not too strong, and so I think it's appropriate for the Fed to consider ... what federal funds futures markets are saying they're going to do, that's cutting rates, and so I think that the Fed's a little bit late to the game, but I thought that the presentation that Jay Powell made up at Jackson Hole was sound."
• Asked if it was "impossible" for Powell to get back in the President's "good books", Hassett says: "Yes I do."
• On the topic of the Fed chair search, Hassett says "there are a number of really excellent candidates being interviewed by [Tsy Sec Bessent] and the president. And I would expect that this would run out for another few months before the President decides."