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SARON Bull Steepens As SNB Leaves Rates Unchanged

STIR

The SNB’s decision to leave rates unchanged allows SARON futures to run 11-17.5bp higher through the reds vs. settlement.

  • Contracts are just off best levels of the day.
  • The strip has bull steepened, more than reversing the early modest losses derived from FOMC spillover.
  • SSYZ3/Z4 moves to the least inverted levels seen since late August, even with SNB Chair Jordan noting that the Bank cannot rule out another rate hike.
  • The move has also been helped by the Bank noting that "significant tightening" is "countering remaining inflationary pressure."
  • Elsewhere, Chairman Jordan has just stated that a hawkish pause is not part of the Bank’s vocabulary.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageSwiss National Bank Market NewsBulletMarketsFixed Income BulletsForeign Exchange Bullets

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