BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

this is a test, please ignore

MNI BRIEF: Text of Bank Of Canada Interest-Rate Decision

MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Weds; -0.98% Y/Y

MNI: JAPAN JUNE SERVICES PPI +3.0% Y/Y; MAY REV +2.7%

US Treasury Auction Calendar

EZ/UK Bond Supply Calendar: BTP Short Term and BTPeis on Thursday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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Midmorning SOFR Option Roundup

STIR

Aside from the 25k Jun'24 put Block, SOFR put interest has ebbed slightly, better call volume, albeit two-way, in the last hour as underlying futures come off post-data lows, drawing foreign real$ and official acct buying. Projected rate cut pricing recedes post data: May 2024 -2.6% w/ cumulative -0.6bp at 5.322%; June 2024 at -7.2% from -16.2% earlier w/ cumulative rate cut -2.5bp at 5.304%. July'24 cumulative at -8.1bp from -12.1bp, Sep'24 cumulative -18.1bp from -24.4bp. Highlight trade:

  • -5,000 SRFZ4 94.87 puts, 21.0 ref 94.99
  • -12,000 0QK4 95.56 calls, 5.5 vs. 95.375/0.28%
  • -5,000 SFRU4 94.87 calls, 14.5 ref94.86
  • +5,000 SFRZ4 96.00/97.00 call spds 5.5 ref 95.01
  • +5,000 SFRM4 94.88/95.00 call spds 1.0 ref 94.72
  • +10,000 SFRZ4 96.00/97.00 call spds 5.75 ref 95.03
  • Block, +25,970 SFRM4 94.75 puts, 9.0 ref 94.705
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