US TSYS: What to Watch: Multiple Fed Speakers Ahead Friday Blackout

Christopher Hope at The Daily Telegraph: "ERG chairman Mark Francois MP: "The Stormont Brake is practically useless and the framework itself has no exit." Brexiteer Tories are now set to vote against the Windsor Framework tomorrow. Will Rishi Sunak need Labour votes to get it through?"

• Francois states that the group has not yet finalised its decision on how to vote on the matter, with a meeting scheduled tomorrow at 1030GMT to make the final call on whether to vote for, oppose, or abstain on vote related to the 'Stormont brake'
• The issue of whether PM Rishi Sunak will need Labour support to pass the Windsor Framework is largely a moot point. Even if the hard-line Brexiteer European Research Group votes against the deal, a more substantial number of Conservative backbenchers are seen as likely to vote in favour. The ERG's political power has waned significantly in recent years, with the group seen as around 30-strong at present. The gov't holds a 70-seat working majority, meaning that it could afford to lose 35 votes before it began to rely on Labour votes to get the statutory instrument approved.

Lighter overnight volumes on mixed trade, rather quiet given the drop in underlying futures at the start of the two day FOMC.

• SOFR Options:
  • 5,000 SFRZ3 93.25/93.50/93.75/94.00 put condors, ref 95.775
  • 4,750 OQM3 95.87/96.00 strangles, ref 96.375
  • 5,000 SFRM3 96.25 calls, ref 95.295
  • over 8,800 OQJ3 96.00/2QJ3 96.50 put spds around even
  • Block, 3,500 SFRM3 94.68/94.75 put spds, 1.5 ref 95.45
• Treasury Options:
  • 2,100 FVK3 107.5 puts, ref 109-10.25
  • 1,000 TYK3 112/118 call over risk reversal, 1 net ref 114-19