MARKET INSIGHT: What to Watch: FOMC Minutes, PMI, ISM
Jul-06 12:20
Tsys trading mostly firmer now (Sep Ultra-Bond still weaker) while 30Y bonds breach early London session highs (30YY 3.0242%). Modest volumes (TYU2 just over 330k), yield curves mixed (2s10s -.186 at -2.095; 5s10s +1.227 at -0.264).
- Stocks mildly weaker/near lows: ESU2 -15.0 at 3819.0; Crude firmer, WTI +0.73 at 100.23; Gold back near steady at 1764.76 (Oct 2021 lvls).
- Economic data:
- S&P Global US Services PMI (51.6, 51.6); Comp (51.2, 51.2), 0945ET
- ISM Services Index (55.9, 54.0), 1000ET
- JOLTS Job Openings (11.4M, 10.9M), 1000ET
- FOMC Meeting Minutes for Jun at 1400ET
- Fed speak: NY Fed Williams open/close remarks virtual bank culture event, no text or Q&A at 0900ET
- Tsy Auctions: US Tsy $30B 119D bill CMB auction at 1130ET
- Geopol: Watching support for UK PM Johnson steadily decline as 17th government member resigns: Jo Churchill, a junior minister at the Department for Environment, Food, and Rural Affairs, has announced her resignation with PM Boris Johnson on his feet in the House of Commons answering PMQs.
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CANADA: GoC’s Look Through Weak Consumer Confidence
Jun-06 12:18
- GoC yields have cranked higher from a subdued open to leave them up +4bps at the front-end and +2bps at the long end, with front-end yields touching new cycle highs.
- Yields look through another fall in weekly consumer confidence per the Bloomberg Nanos survey to 52.2, which prior to the pandemic now sits only just above 2016 lows. Growing housing pessimism weighed on sentiment, with the 20% expecting real estate prices to decrease over the next 6mths the highest since Jul’20.
- Growing underperformance on the day to Tsys at the short-end pushes the Can-US 2Y yield differential to recent highs of 26bps, the highest since January.
US TSYS: Repo Reference Rates
Jun-06 12:15
- Secured Overnight Financing Rate (SOFR): 0.78%, $954B
- Broad General Collateral Rate (BGCR): 0.79%, $365B
- Tri-Party General Collateral Rate (TGCR): 0.79%, $354B
- (rate, volume levels reflect prior session)
EGB OPTIONS: Bobl risk reversal
Jun-06 12:14
OEQ2 122/126 combo, bought the put for 5 in 12.5k
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Sep-26 08:00
