US: MNI POLITICAL RISK - NDAA Hits House As Spending Battle Looms
Jul-13 12:30
- House Republicans are expected to conclude work on their twelve FY2024 spending bills today. The bills, marked up at FY22 levels, rather than the FY23 levels agreed in the debt ceiling Fiscal Responsibility Act means big cuts to social spending and increased risk of a government shutdown on September 30.
- House Speaker Kevin McCarthy (R-CA) has agreed to vote on the NDAA with a raft of controversial amendments attached.
- Biden has claimed victory at the NATO summit but the battle for funding a long-term Ukraine security commitment will take place in the US Congress.
- China says it is open to a visit from Commerce Secretary Gina Raimondo ahead of a meeting between US Secretary of State Antony Blinken and China's top diplomat Wang Yi.
- The Senate Banking Committee voted yesterday to send all three of President Biden’s Federal Reserve nominees to the Senate.
- The bipartisan independent group No Labels claims it has a viable path to victory in 2024.
- President Biden will host Italian Prime Minister Giorgia Meloni at the White House on July 27.
- Poll of the Day: US voters consider the economy, unemployment, and jobs as the primary issue facing the country.
Full article: US Daily Brief
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US TSYS: FV/UXY Flattener Helps Push 2-/10-Year Curve Towards Post-SVB Extremes.
Jun-13 12:23
The previously covered FV/UXY flattener block helps the 2-/10-Year Tsy yield spread to fresh session extremes when it comes to the degree of inversion witnessed. The spread is still ~1bp above yesterday’s extreme, which represented the deepest level of inversion seen since the SVB-related volatility observed in March. CPI is due to cross in just under 10 minutes.
US TSY FUTURES: FV/UXY Flattener Blocked
Jun-13 12:17
Latest block trade lodged at 13:03:36 London/08:03:36 NY:
- FVU3 19.0K lots blocked at 108-11, looks like a seller.
- UXYU3 8.0K lots blocked at 119-15+, looks like a buyer.
- Would suggest an FV/UXY flattener.
US EURODLR OPTIONS: Morning trades
Jun-13 12:16
- SFRM3 94.81/94.87cs, traded for 1.25 in 1k.
- SFRM3 94.81c, traded for 1.5 in 2.5k.
- SFRM3 94.81/94.75/94.68p fly, traded for 1.25 in 1k.
- SFRM3 94.87/94.81/94.75/94.68p condor traded for 3 in 4k.
- SFRU3 94.75/94.62/94.50p fly, traded 2 in 1k.
- 0QM3 95.87/96.00/96.12c fly, traded 1.5 in 1.5k.
- 0QM3 95.68/95.43ps 2x3, traded for 11 and 11.5 in 9k.
- 0QU3 95.75p, traded 17.5 in 3k.
- SFRM4 98.00/99.00cs traded for 7.5 in 10k.
