US: MNI POLITICAL RISK - US Daily Brief
Apr-28 11:55
- There is no sign that the White House is changing tack on negotiating with House Republicans, despite the passage of GOP legislation to raise the debt ceiling. White House Press Secretary Karine Jean-Pierre: "We are not negotiating on this. We have been very clear...”
- White House National Security Advisor Jake Sullivan told a think tank in Washington DC yesterday that the US has no intention of "decoupling" from China.
- Senator Joe Manchin (D-WV) yesterday gave his firmest indication yet he will run for re-election. Manchin has been a persistent obstacle to the Democrat legislative agenda but is widely considered the only Democrat capable of retaining the crucial Senate seat in the red state.
- Florida Governor Ron DeSantis (R-FL) is “poised” to announce a White House bid as soon as mid-May.
- Former Vice President, Mike Pence, yesterday provided testimony to a grand jury investigating former President Donald Trump’s efforts to retain power following the 2020 presidential election.
- Poll of the Day: US voters are concerned that President Biden’s age may affect his ability to perform his duties for a second term.
Full article: US Daily Brief
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RATINGS: Fitch Write Sovereign Defaults are at Record High
Mar-29 11:45
Full piece here: https://www.fitchratings.com/research/sovereigns/s...
- There have been 14 separate default events since 2020, across nine different sovereigns, a marked increase compared with 19 defaults across 13 different countries between 2000 and 2019, says Fitch Ratings in a new report.
- A record five Fitch-rated sovereigns are in default: Belarus, Lebanon, Ghana, Sri Lanka and Zambia
STIR: BLOCK, Sep'23 SOFR Package
Mar-29 11:41
- 5,000 SFRU3 95.50 straddle vs. 96.50/97.25 call spd, 90.0 net/straddle over posted at 0730:08ET ref 95.455
STIR: Early SOFR Option Roundup
Mar-29 11:21
- SOFR Options:
- 4,000 OQM3 97.00/97.12 call spds ref 96.49
- 4,000 OQK3 98.50 calls, 2.0 ref 96.53
- 1,000 SFRZ3 94.50/94.75/95.00 put flys ref 95.82
- 1,000 OQJ3 94.50/94.75/95.00 put flys ref 96.525
- 2,100 SFRM3 94.87/95.00/95.25/95.37 call condors ref 95.24
- 1,500 SFRZ3 94.75/94.87/95.00/95.25 put condors ref 95.785
- Block, 6,000 SFRZ3 96.25/96.62 call spds, 9.0 ref 95.745
- 1,000 OQM3 97.75/98.00 1x2 call spds
- 1,000 SFRJ3 95.31/95.43/95.56 call flys, ref 95.22
- Note on Tuesday's Massive Block: +140,000 OQJ3 (April midcurve) 95.00 puts, 1.0 vs. -80,000 OQJ3 95.37 puts, 1.75 splits. Open interest for the 95.00 put only declined 7,600 to 140,433 while the 95.37 put OI held steady at 113,355. Some option desks said the 95.37 leg was a buy yesterday, while others report the package as a ratio put spd for even net.
- Elsewhere, ongoing Dec'23 put volume said to be covering shorts, particularly in 95.50 puts. Yesterday saw 49,801 SFRZ3 95.50 puts trade while open interest declined 7,992 to 240,370. Total Dec SOFR put volume Tuesday was 257,497 while open interest declined -8,168 according to CME Group data.
