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EUROZONE T-BILL ISSUANCE

W/C Sept 26, 2022

CROSS ASSET

Govies dip following the US PMI beat

US TSY FUTURES

Post-MFG PMI React

BRENT TECHS

(X2) Cracks Support

NATURAL GAS

Russian Share of European Gas Falls Further in September

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Market Still Entertaining Inter-Meeting Fed Hike Prospects

STIR FUTURES
  • FFQ2 implied yields have drifted higher again to sit 2bps above the effective 2.33% (+0.5bps on the day) in light consideration of an inter-meeting hike although remains less than the +3bps seen on Friday in a delayed reaction to payrolls.
  • Returning to yesterday’s MNI Interview, when questioned on the prospect of such a move, especially with an eight-week gap between decisions, Bullard noted that Jackson Hole falls in the current inter-meeting period [Aug 25-27] and "the Chair could use that if he thinks it's appropriate to signal changes in monetary policy … I think we have tools at our disposal".

Fed Funds 30day August futureSource: Bloomberg

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  • FFQ2 implied yields have drifted higher again to sit 2bps above the effective 2.33% (+0.5bps on the day) in light consideration of an inter-meeting hike although remains less than the +3bps seen on Friday in a delayed reaction to payrolls.
  • Returning to yesterday’s MNI Interview, when questioned on the prospect of such a move, especially with an eight-week gap between decisions, Bullard noted that Jackson Hole falls in the current inter-meeting period [Aug 25-27] and "the Chair could use that if he thinks it's appropriate to signal changes in monetary policy … I think we have tools at our disposal".

Fed Funds 30day August futureSource: Bloomberg