US: Voters "Not Impressed" With Trump Handling Of The Economy - CNN

Mar-12 18:21

A new CNN survey has found that Americans are “not impressed” with Trump’s stewardship of the economy, “putting him underwater on the nation’s top issue even as he sees ratings among the best of his presidential career on other key priorities.”

  • CNN notes: “As markets slide and investors worry in response to Trump’s trade policies, a 56% majority of the public disapproves of his handling of the economy, worse than at any point during his first term in office. By contrast, the 51% who now say they approve of his work on immigration – headlined by stricter enforcement efforts – is 7 points higher than at any point during his first term.”
  • Morning Consult notes in a separate report: “Voters are roughly split on Trump’s handling of the economy and trade policy, marking double-digit declines in his net approval rating on those topics since he took office.”
  • Morning Consult adds: “Just 19% of voters say Trump’s tariffs on America’s top trading partners are primarily about the flow of fentanyl into the U.S., which is the main reason he’s cited.”

Figure 1: "Do you approve or disapprove of the way Donald Trump is handling..."

A graph with numbers and text

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Source: CNN

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US: FED Reverse Repo Operation

Feb-10 18:20

RRP usage inches up to $99.653B this afternoon from Friday's $95.248B - compares to last Wednesday's $78.788B -- lowest level since mid-April 2021. The number of counterparties rebounds to 41 from 33 prior.

reverse repo 02102025

US TSY FUTURES: March'25/June'25 5Y Roll Surge

Feb-10 18:04

Tsy quarterly futures roll from March'25 to June'25 gets underway today with decent volume in 5s. Percentage complete remains low, less than 2% across the curve ahead the "First Notice" date on February 28. Current roll details:

  • TUH5/TUM5 appr 2,000 from -6.0 to -5.5, -5.75 last
  • FVH5/FVM5 appr 84,700 from -3.25 to -2.75, -2.75 last
  • TYH5/TYM5 appr 6,700 from -0.25 to +0.25, +0.0 last
  • UXYH5/UXYM5 less than 300 from 4.5 to 4.75, 4.75 last
  • USH5/USM5 appr 500 from 4.75 to 5.75, 5.25 last
  • WNH5/WNM5 less than 100 from 3.5 to 4.5, 4.25 last
  • Reminder, March futures won't expire until next month: 10s, 30s and Ultras on March 20, 2s and 5s on March 31. March Tsy options expire February 21.

OPTIONS: Call Condor Buying In Decent Size Monday

Feb-10 17:52

Monday's Europe rates/bond options flow included: 

  • OEH5 117.25/118.25 RR, bought the call for 4.5 in 4k.
  • RK5/ERM5 98.0625/98.3125cs spread, bought for 0.25 in 4k.
  • ERK5/ERM5 98.0625c calendar, bought for 0.75 in 10k.
  • ERK5 97.875/97.9375/98.00/98.0625c condor, bought for 1.5 in 4k
  • ERM5 97.875/97.9375/98.00/98.0625c condor, bought for 1.5 in 2.5k.
  • ERM5 97.9375/98.00/98.0625c fly vs 97.50p, bought the fly for flat in 10k.
  • SFIM5 95.95/96.05/96.15/96.25c condor, bought for 2.5 and 2.75 in 28k total.