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STIR: Goldman Remain Wary Of U.S. Growth Risks, Still Like SFRZ5/Z6 Flatteners

STIR
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Goldman Sachs note that “with the rates market still not pricing a significant left tail, we continue to see some asymmetry to downside surprises on the activity side for now, though the absence of bad news in the coming weeks could wear that away.”

  • They maintain their “preference for positions that benefit from the market embedding greater risk of more cuts later, favouring flatteners in SFRZ5/Z6 as an expression that mitigates against the risk of a pull forward in cut pricing”.
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Goldman Sachs note that “with the rates market still not pricing a significant left tail, we continue to see some asymmetry to downside surprises on the activity side for now, though the absence of bad news in the coming weeks could wear that away.”

  • They maintain their “preference for positions that benefit from the market embedding greater risk of more cuts later, favouring flatteners in SFRZ5/Z6 as an expression that mitigates against the risk of a pull forward in cut pricing”.