STIR: Repo Reference Rates
* Secured Overnight Financing Rate (SOFR): 4.31% (-0.01), volume: $2.735T * Broad General Collateral...
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CROSS ASSET: GBP Assets Little Moved By Reeves
Much of what Chancellor Reeves has mentioned had already been reported ahead of the spending review, making for little market reaction.
- What’s more, we noted that this wouldn’t be a major fiscal event ahead of time, with more focus on the political implications.
- Gilt curve holds bear steeper on the day, while major GBP FX pairs are little changed since she started speaking. BoE pricing steady, showing ~47bp of cuts through year-end.
US: Trump post on China Trades
Donald J. Trump
@realDonaldTrump
OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME. FULL MAGNETS, AND ANY NECESSARY RARE EARTHS, WILL BE SUPPLIED, UP FRONT, BY CHINA. LIKEWISE, WE WILL PROVIDE TO CHINA WHAT WAS AGREED TO, INCLUDING CHINESE STUDENTS USING OUR COLLEGES AND UNIVERSITIES (WHICH HAS ALWAYS BEEN GOOD WITH ME!). WE ARE GETTING A TOTAL OF 55% TARIFFS, CHINA IS GETTING 10%. RELATIONSHIP IS EXCELLENT! THANK YOU FOR YOUR ATTENTION TO THIS MATTER!
GILT PAOF RESULTS: The PAOF for the 4.50% Mar-35 Gilt was not taken up.
- GBP1.0625bln have been on offer.
- This leaves GBP30.365bln of the gilt in issue.
