PERU: President Boluarte Says Foundations Laid For Continued Export Growth

May-21 13:42
  • After robust March trade data reported earlier this week (exports +27% y/y), President Boluarte has said that the government is laying the foundations for exports to continue growing in the coming years.
  • Speaking at an event to present the progress of the Foreign Trade and Tourism sector, she said that value-added exports have also risen notably over the last year (+11% in 2024), which meant that the country was not only selling raw materials, but also manufactured products.
  • According to the report in Andina, Boluarte also emphasised the measures being taken to expand trade by investment in port infrastructure, including the Chancay megaport, as well as ongoing works at the Callao port.
  • Today, the local calendar remains light, with focus ahead on Friday’s Q1 GDP report, which is expected to show a slight moderation in growth to 3.9% y/y, from 4.2% in Q4. Beyond that, May CPI data are due on June 1, followed by the next BCRP meeting on June 12.

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FED: Chicago's Goolsbee: Central Bank Independence Key To Anchor L-R Infl Exp

Apr-21 13:01

CNBC anchors trying to pin down Chicago Fed President Goolsbee (2025 voter, dove) on the impact of President Trump potentially replacing Fed Chair Powell - Goolsbee won't be drawn into the speculation but he is emphatic that central bank independence is crucial to keeping longer-run inflation expectations down.

  • Goolsbee says without central bank independence, you get "higher inflation, worse growth, higher unemployment." And he cites Paul Volcker's example of tightening policy to quell inflation, saying "sometimes the Fed has to do the hard job".
  • That said, asked if he still sees rates being lower 12 - 18 months from now: "I still think that", identifying the March Dot Plot as a guide to the overall direction of rates.

US TSY OPTIONS: Jun'25 10Y Ratio Put Spread

Apr-21 12:35
  • 11,179 TYM5 108/111 2x1 put spds, 32 ref 110-25.5

US TSY FUTURES: BLOCK: Large Jun'25 2Y Buy

Apr-21 12:31
  • +20,000 TUM5 103-26.5, buy through 103-26 post time offer at 0815:05ET, DV01 $736,000. The 2Y contract trades 103-26.5 last (+1.12).