The lack of net change in SFRH5 & M5 during Thursday ‘s flattening of the SOFR strip makes it very difficult to provide any real inference when it comes to net positioning swings in the very front end.
| 22-May-25 | 21-May-25 | Daily OI Change |
| Daily OI Change In Packs |
SFRH5 | 1,076,498 | 1,050,602 | +25,896 | Whites | +132,206 |
SFRM5 | 1,324,179 | 1,220,901 | +103,278 | Reds | -11,269 |
SFRU5 | 1,096,261 | 1,085,535 | +10,726 | Greens | -27,468 |
SFRZ5 | 1,071,137 | 1,078,831 | -7,694 | Blues | +950 |
SFRH6 | 763,461 | 762,008 | +1,453 |
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SFRM6 | 721,150 | 734,516 | -13,366 |
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SFRU6 | 758,414 | 742,521 | +15,893 |
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SFRZ6 | 870,549 | 885,798 | -15,249 |
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SFRH7 | 698,212 | 727,206 | -28,994 |
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SFRM7 | 592,082 | 596,466 | -4,384 |
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SFRU7 | 394,769 | 392,347 | +2,422 |
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SFRZ7 | 412,927 | 409,439 | +3,488 |
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SFRH8 | 271,642 | 267,599 | +4,043 |
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SFRM8 | 199,241 | 197,420 | +1,821 |
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SFRU8 | 153,039 | 156,621 | -3,582 |
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SFRZ8 | 168,938 | 170,270 | -1,332 |
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The Bundesbank's April monthly report concludes that higher private sector debt expenses following interest hikes in the post-Covid inflation cycle have not strengthened ECB monetary policy transmission. Key excerpts below:
The recovery in risk appetite following yesterday’s constructive comments from Bessent and Trump leaves Bund futures -31 ticks versus yesterday’s settlement levels at 131.64. The weaker-than-expected Eurozone April flash services PMIs (led by Germany and France) may have aided the recovery from session lows of 131.44.