STIR: Tiny Hawkish UoM Reaction In Fed Pricing, Political Bias Noted
Jun-13 14:34
A very modest hawkish reaction in Fed pricing to the UoM sentiment survey, with the stagflationary picture provided by the latter easing a little this month.
- Fed Funds now show less than 1bp of easing for this month, 6bp through July, 21bp through September, 34bp through October and 49bp through December. Contracts are little changed to 1bp less dovish vs. pre-data levels.
- Markets are probably treating the release with some additional caution, with the undertones pointing to a much heavier Republican response rate and with actual inflation expectations still somewhat elevated vs. the Fed’s 2% inflation goal.
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EGB SYNDICATION: Latvia 5-year benchmark: Priced
May-14 14:34
- EU1b 5Y Fixed (May 21, 2030) at MS+65
- Revised guidance MS+70a (+/-5) will price in range, guidance MS+80 area
- Reoffer price 99.56 to yield 2.971%
- Benchmark: OBL 2.4% 04/18/30 +72.6
- Books above EU3b (including JLM interest): Leads
- Coupon: 2.875%, annual, act/act ICMA
- (MNI saw a good chance for a E1.0-1.5bln transaction size)
- Format: Reg S CAT1, registered, senior unsecured
- Settlement: May 21, 2025
- ISIN: XS3075496896
- Bookrunners: BNPP (B&D), GS, JPM
- FTT: 3:35pm London
Details as per Bloomberg
GILT AUCTION PREVIEW: On offer next week
May-14 14:34
The DMO has announced it will be looking to sell GBP4.25bln of the 4.00% Oct-31 Gilt (ISIN: GB00BPSNBF73) at its auction next Wednesday, May 21.
MNI: US EIA: CRUDE OIL STOCKS EX SPR +3.45M TO 441.8M MAY 09 WK
May-14 14:30
- US EIA: CRUDE OIL STOCKS EX SPR +3.45M TO 441.8M MAY 09 WK
- US EIA: DISTILLATE STOCKS -3.16M TO 103.6M IN MAY 09 WK
- US EIA: GASOLINE STOCKS -1.02M TO 224.7M IN MAY 09 WK
- US EIA: CUSHING STOCKS -1.07M TO 23.9M BARRELS IN MAY 09 WK
- US EIA: SPR +0.53M TO 399.6M BARRELS IN MAY 09 WK
- US EIA: REFINERY UTILIZATION WEEK CHANGE +1.2% TO 90.2% IN MAY 09 WK
