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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessEurodlr/Tsy Futures/Options Roundup: Short End Hammered Post FOMC
- Short end yields surged on heavy volumes (2YY 1.1424%; 5YY 1.6713%) while equities gave up strong gains to trade weaker as Chairman Powell conceded liftoff will "soon be appropriate" as economic activity continues to expand at a robust pace and ""inflation remains well above our longer run goal of 2%."
- Stocks initially held gains until balance sheet run-off was discussed, lacking details over "sooner, faster" asset reductions appeared to trigger a sell-off.
- Short to intermediate rates sold off sharply as prospect for more than just 25bp rate hikes past March gained traction: lead quarterly Mar'22 Eurodollar futures slipped to 99.515 (-0.040) while June fell to 99.14 low (-0.090). Red pack (EDH3-EDZ3) traded -0.140-0.160 by the close -- Red March 2023 pricing in 125-150bp in hikes.
- Option trade saw some profit taking: over 20,000 TYH 127 puts sold from 30-26 (total session volume over 110k) after heavy buying over the last week; paper sold 10,000 Apr/Jun 98.93/99.06 put spd strip, 3.25, unwinding tactical play after paying 1.75 total to buy the double spd last wk.
- Otherwise, active accts continued to add to downside/rate hike positioning: for example paper +10,000 May 98.87/99.06/99.18 put flys, 2.75 adds to +50k Tue from 2.25-2.75.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.