CONSUMER STAPLES: Woolworths: stuck in primary (x2)

• There has been some fixed income volatility over the past hour, leaving markets back little changed from pre-JOLTS levels.
• The initial modestly hawkish reaction to the JOLTS headlines was dominated by the negative growth angle from President Trump threatening 50% tariffs on Canadian steel and aluminum from tomorrow shortly afterwards, although those gains has more recently been pared.
• TYM5 sits at 111-08+ vs 111-06 pre-JOLTS, 111-00 shortly after JOLTS and eventually 111-17+ post-tariff threats. Recall that the overnight high of 111-25 cleared resistance at 111-15 (Mar 5 high) to open 112-01 (Mar 4)/112-02 (Fibo projection).
• Cash yields are back to circa 0.5bp higher on the day across the curve.
• Fed Funds futures meanwhile show 50/50 odds of a May cut plus 32bp priced for June and 82bp for 2025.

2QU5 97.50c, bought for 8 in 2.5k.

• Broader Equities are extending losses following Trump increasing Tariffs on Canada.
• The Emini futures trades at its lowest level since September and could target the September low at 5499.25, so far printed a 5554.50 low.