US DATA: Volatile Medical Services A Major Drag On August Core CPI
Core goods prices (as opposed to services) drove the broader sequential increase in core CPI in Augu...
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MNI: USDA: 2025/2026 CORN PRODUCTION EST 16.74B BSL
- MNI: USDA: 2025/2026 CORN PRODUCTION EST 16.74B BSL
- USDA: 2025/2026 CORN YIELD EST 188.80 BSL/ACRE
- USDA: 2025/2026 SOYBEAN PRODUCTION EST 4.29B BSL
- USDA: 2025/2026 SOYBEAN YIELD EST 53.60 BSL/ACRE
- USDA: 2025/2026 WHEAT PRODUCTION EST 1.93B BSL
- USDA: 2025/2026 WHEAT YIELD EST 52.70 BSL/ACRE
OPTIONS: Larger FX Option Pipeline
- EUR/USD: Aug14 $1.1590-00(E1.8bln), $1.1625-35(E898mln), $1.1645-50(E1.2bln), $1.1695-00(E4.5bln); Aug15 $1.1590-00(E1.1bln); Aug18 $1.1560(E1.1bln)
- USD/JPY: Aug14 Y147.00-20($1.2bln), Y148.15-30($945mln), Y155.00(Y1.6bln
- GBP/USD: Aug14 $1.2975-00(Gbp1.2bln)
- EUR/GBP: Aug14 Gbp0.8690-05(E1.1bln)
- AUD/USD: Aug14 $0.6600(A$1.3bln)
- USD/CNY: Aug15 Cny7.5000($1.7bln)
US TSYS/OVERNIGHT REPO: SOFR Softens Slightly, Potential Pickup Ahead
Secured rates were a little softer Monday as was broadly expected, with SOFR edging 1bp lower to 4.34%. Other major secured rates and effective Fed funds were unchanged.
- As we noted yesterday, pressure could pick up later in the week on Treasury auction settlements. These include $55B in net cash raised by bills today, and a further $42B on Thursday, followed by $35B in coupon settlements Friday.
REPO REFERENCE RATES (rate, change from prev. day, volume):
* Secured Overnight Financing Rate (SOFR): 4.34%, -0.01%, $2796B
* Broad General Collateral Rate (BGCR): 4.33%, no change, $1173B
* Tri-Party General Collateral Rate (TGCR): 4.33%, no change, $1137B
New York Fed EFFR for prior session (rate, chg from prev day):
* Daily Effective Fed Funds Rate: 4.33%, no change, volume: $115B
* Daily Overnight Bank Funding Rate: 4.33%, no change, volume: $263B
