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STIR: Goldman: Post-Election Uncertainty May Persist, But Receive Jan FOMC

STIR
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Late on Friday Goldman Sachs recommended a received January FOMC-dated OIS position, entering at 4.406%, targeting 4.28%. Contract last trades at ~4.40%.

  • Goldman noted that “while there are risks to an earlier deceleration than our baseline of per-meeting pace of cuts through Q1 we think the broader justification for delivering at least one cut over the near-term remains reasonably solid.”
  • “September has been the only unequivocally strong jobs report over the last several, the broader array of labor market indicators still paints a picture that is a bit softer than 2019, and the re-rating in growth and policy pricing leaves more vulnerability to disappointing news.”
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Late on Friday Goldman Sachs recommended a received January FOMC-dated OIS position, entering at 4.406%, targeting 4.28%. Contract last trades at ~4.40%.

  • Goldman noted that “while there are risks to an earlier deceleration than our baseline of per-meeting pace of cuts through Q1 we think the broader justification for delivering at least one cut over the near-term remains reasonably solid.”
  • “September has been the only unequivocally strong jobs report over the last several, the broader array of labor market indicators still paints a picture that is a bit softer than 2019, and the re-rating in growth and policy pricing leaves more vulnerability to disappointing news.”