-
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 AccessPost-LIBOR Settle Update: Hike Re-Pricing Moderates
Lead quarterly EDU2 pares gain, currently trading 96.695 (+0.005) after 3M LIBOR set' climbs +0.03714 to 2.23443% (+0.13857/wk) -- highest level since July 2019.
Thu's sharp rate hike repricing moderates slightly as futures trade lower out the strip: balance of Whites through Reds (EDZ2-EDM4) trading steady to -0.035-0.075, Greens through Golds (EDU4-EDM7) -0.040-0.075 w/ Golds underperforming.
- Recession expectations embedded in front end as Dec'22 (96.215) remains inverted vs. Mar'23 (96.25). Most inverted calendar spd: EDH3/EDH4 at -49.5. Interpretation: While immediate rate hikes remain (75bp new Fed baseline) since this week's testimony from Fed Chair Powell, not to mention Thu's second consecutive weak PMI data, futures pricing end of rate hikes has migrated from mid-2023 to end of this year. Meanwhile, dis-inversion holding at Green Jun'25/Blue Sep'25 at 96.97 vs. mid-Blues earlier in week.
- Thursday option roundup: FI option trade turned mixed, overall volumes light with one exception. Largest trade in SOFR: 100,000 SFRN2 96.12/96.25 conversion spd/box trade on screen, 12.5 net ref: 96.975-.99 -- new position, no open interest. One option desk said trade "just so mkt makers can hit rebate levels before month end," citing traders.
- Otherwise, trade appeared bearish on the surface with accounts either fading the continued underlying (that saw 30YY fall to 3.1438% low) or taking profits/rolling strikes. Salient trade included a buy of 6,300 Eurodollar short Jun 96.62/96.75/97.00 call trees after a sale of 4,000 Blue Sep 97.00 straddles, 58.0-57.5. Treasury 5Y call skew sale had paper selling -8,000 FVQ 111/112.75 call spds 40.5 over FVQ 110 puts .
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.