EQUITIES: Some attention on the US Cash Open
May-21 13:27
Some attention on the US Cash Equity Open, given some of the earlier selling in Futures, US Yields are also elevated Today, once again led by the longer end.
- Calls: SPX: 5,898.5 (-0.7%); DJIA: 42,253 (-1.0%/-424pts); NDX: 21,216.7 (-0.7%).
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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).
