-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
Commodities
Real-time insight of oil & gas markets
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Chart Packs -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessLate SOFR/Treasury Option Roundup: Bullish Positioning Ahead Nov Jobs
Mixed SOFR and Treasury options segued to better bullish call/put positioning ahead Friday's headline employment data for November. Underlying futures off lows after retreating from new 3M highs in TYH4 overnight (111-09.5). Short end outperforming as rate cut projections for 2024 firm up slightly: December flat at 5.333%, January 2024 cumulative -3.7bp at 5.293%, March 2024 chance of rate cut at -56.2% vs. -55.2% this morning with cumulative of -17.7bp at 5.152%, May 2024 back up to -74.2% vs. -69.1% this morning, cumulative -36.3bp at 4.967%. Fed terminal at 5.33% in Feb'24.
- SOFR Options: (continued interest in early 2024 rate cut hedging via flys after some 80k bought covering more aggressive cuts in Jan and April SOFR expirys late Wednesday)
- +6,500 SFRM4 95.12/95.25/95.37/95.50 call condors, 1.5
- Blocks, 10,000 0QH4 97.25/97.75 call spds, 4.5-5.0 ref 96.255
- Blocks, total 30,500 SFRF4 94.62/94.75 put spds from 1.75-2.0 ref 94.88 to -.895
- +36,000 SFRH4 94.75/94.87/95.00 call flys 1.25-0.75 ref 94.88
- 14,000 SFRH4 94.75/94.87 2x1 put spds ref 94.865
- 15,000 SFRZ3 94.62 puts, 1.5 ref 94.63
- 2,000 2QZ3 96.56/96.75/96.93 call flys
- 2,500 0QZ3 96.00/96.12/96.25/96.37 call condors ref 95.93
- 2,000 SFRM4 94.50/94.75/97.87 put trees ref 95.22
- Treasury Options: (myriad smaller trades from TYF 107.5 puts to 113.5 calls)
- 12,300 wk3 TY 113.5/114/114.5 call trees ref 111-01
- +8,000 wk3 TY/TYF4 109 put spds 6
- -22,500 TYF4 106.5/108.5 put spds 6 ref 110-30.5 to -29.5
- -7,000 TYF 116/118 call spds 1 vs. 110-27.5
- 2,000 FVF 109/109.5/110 call trees ref 107-16
- 20,000 wk3 10Y 110/112 strangles 43 ref 110-26 (expire Dec 15)
- 6,000 TYF4 108.25 puts, 8 ref 110-26 to -26.5
- 9,000 TYF4 109 puts, 13 last
- 4,000 TYF4 108/108.5/109 put flys, 5 ref 110-25
- 10,500 TYF4 110 puts, 33 ref 110-25.5
- 6,000 TYF4 112/113 call spds, 17 ref 111-03
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.