OIL: Saudi Arabia Can Sustain Prolonged Period Of Low Oil Prices
Apr-30 15:43
[RTRS] "SAUDI ARABIA OFFICIALS IN RECENT WEEKS HAVE BRIEFED ALLIES, INDUSTRY EXPERTS, THAT KINGDOM CAN SUSTAIN PROLONGED PERIOD OF LOW OIL PRICES, FIVE SOURCES WITH KNOWLEDGE OF THE TALKS TELL REUTERS"
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STIR: ECB Spillover Sees Fed Rate Path Continue Intraday Lift
Mar-31 15:39
- Fed Funds implied rates have been nudged a little higher following a hawkish adjustment in ECB pricing on Bloomberg sources suggesting April is a closer decision than markets were pricing.
- Implied rates are a little above where they were prior to today’s mfg surveys, limiting the day’s decline having opened notably lower after the weekend.
- Cumulative cuts from 4.33% effective: 5bp May, 21.5bp Jun, 37.5bp Jul, 53.5bp Sep and 75bp Dec.
- May and June meeting implied rates are now 0.5bp from Friday’s close whilst Dec is 2bp lower vs 7bp lower as US desks filtered in this morning.
- The 75bp of cuts for 2025 still compares with 64bp prior to Friday’s PCE report and subsequent further ratcheting lower in the Atlanta Fed’s GDPNow – see the below table for a broader comparison.
- The MNI Chicago PMI was higher than expected at 47.6 (cons 45.0). Its prices paid index edged lower but was otherwise at its second highest reading since Aug 2022 whilst the new orders index technically increased to its highest since Nov 2023 but remained sub-50.
FED: US TSY 13W BILL AUCTION: HIGH 4.205%(ALLOT 90.20%)
Mar-31 15:32
- US TSY 13W BILL AUCTION: HIGH 4.205%(ALLOT 90.20%)
- US TSY 13W BILL AUCTION: DEALERS TAKE 38.39% OF COMPETITIVES
- US TSY 13W BILL AUCTION: DIRECTS TAKE 5.74% OF COMPETITIVES
- US TSY 13W BILL AUCTION: INDIRECTS TAKE 55.87% OF COMPETITIVES
- US TSY 13W BILL AUCTION: BID/CVR 2.74
FED: US TSY 26W BILL AUCTION: HIGH 4.070%(ALLOT 51.15%)
Mar-31 15:32
- US TSY 26W BILL AUCTION: HIGH 4.070%(ALLOT 51.15%)
- US TSY 26W BILL AUCTION: DEALERS TAKE 23.16% OF COMPETITIVES
- US TSY 26W BILL AUCTION: DIRECTS TAKE 4.73% OF COMPETITIVES
- US TSY 26W BILL AUCTION: INDIRECTS TAKE 72.12% OF COMPETITIVES
- US TSY 26W BILL AUCTION: BID/CVR 2.99
