FRANCE: UK-Macron, Sunak To Attempt Bilateral Summit In 2023
Oct-28 10:14
Elysee Palace publishing readout of the first call between President Emmanuel Macron and new UK PM Rishi Sunak. States that the two discussed the situation in Ukraine as well as energy supplies/security. Elysee states that Macron 'told Sunak of his willingness to deepen bilateral ties between France and the UK, especially in areas such as defence and energy.'
- The two agreed to try to hold a bilateral summit in 2023. The last bilateral summit took place in Sandhurst, England in 2018, with Macron meeting then-PM Theresa May.
- States that Macron and Sunak discussed climate change and the upcoming COP27 summit in Egypt (which PM Sunak has announced he will not be attending).
- Downing St. spox states that in the call, PM Sunak 'stressed the importance he places on the UK's relationship with France, a neighbour and ally'.
- Politically important for Sunak to seek good relations w/Macron. Major issue domestically are small boat crossings on the English Channel. If the large numbers crossing can be stemmed it would provide notable boost to Sunak gov't, French cooperation essential on the matter.
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OUTLOOK: Wednesday Data Calendar: Inventories, Fed Speak, Tsy 7Y Note Sale
Sep-28 10:12
- US Data/Speaker Calendar (prior, estimate)
- Sep-28 0700 MBA Mortgage Applications (3.8%, --)
- Sep-28 0830 Advance Goods Trade Balance (-$90.2B rev, -$89.0B)
- Sep-28 0830 Wholesale Inventories MoM (0.6%, 0.4%)
- Sep-28 0830 Retail Inventories MoM (1.1%, 1.0%)
- Sep-28 0835 Atlanta Fed Bostic moderated Q&A, no text
- Sep-28 1000 Pending Home Sales MoM (-1.0%, -1.5%); MoM (-22.5%, -24.5%)
- Sep-28 1010 StL Fed Bullard, welcome remarks community bank event, no text
- Sep-28 1015 Fed Chair Powell, welcome remarks
- Sep-28 1100 Fed Gov Bowman bank research conf, text, no Q&A
- Sep-28 1130 Richmond Fed Barkin, CoC luncheon, no text, Q&A
- Sep-28 1130 US Tsy $30B 119D CMB and $22B 2Y FRN Note auctions (91282CFD8)
- Sep-28 1300 US Tsy $36B 7Y Note auction (91282CFL0)
- Sep-28 1400 Chicago Fed Evans, London School of Economics, no text, Q&A
STIR FUTURES: Fed Terminal Back At Pre-FOMC Levels
Sep-28 10:12
- Fed Funds implied hikes extend yesterday’s moderation, with 66bps priced for Nov (-0.5bp), before 4.19% for Dec (-2bp), a terminal 4.48% in Mar/May’23 (-5/6bps) and 4.31% for Dec’23 (-6.5bp).
- Terminal rate expectations are back at pre-Sep FOMC levels having touched a high of 4.83% in the interim, although the Dec’23 remains some 30bps higher in the continued embodiment of higher for longer.
- Stacked Fedspeak schedule: Powell gives opening remarks at a community banking conference at 1015ET whilst have first post-FOMC appearances from Gov. Bowman and Barkin (’24) plus repeat appearances from Daly, Bostic, Bullard and Evans.
FOMC-dated Fed Funds futures implied rates at specific meetingsSource: Bloomberg
BOE POSTPONES GILT SALES, KEEPS ANNUAL TARGET GBP80B REDUCTION
Sep-28 10:11
- BOE POSTPONES GILT SALES, KEEPS ANNUAL TARGET GBP80B REDUCTION
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