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STIR: Long Setting In SFRU4 Dominated Friday As Odds Of 50bp Cut Reasserted

STIR
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Long setting in SFRU4 dominated from a positioning standpoint on Friday, with the dovish WSJ & FT articles covering this week’s FOMC reasserting odds of a potential 50bp cut.

  • Long setting was also the most prominent factor further out the strip, with pockets of short cover seen.
  • Market pricing covering the impending FOMC is unusually balanced heading into the event (see prior bullet for greater details), keeping participants attuned to the risk of the potential for further unofficial guidance during the pre-FOMC blackout period.
  • J.P.Morgan reaffirmed their out of consensus call for a 50bp cut late Friday.
  • Our Fed preview can be found here.
  • We will update that document with sell-side views later today.

 

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Long setting in SFRU4 dominated from a positioning standpoint on Friday, with the dovish WSJ & FT articles covering this week’s FOMC reasserting odds of a potential 50bp cut.

  • Long setting was also the most prominent factor further out the strip, with pockets of short cover seen.
  • Market pricing covering the impending FOMC is unusually balanced heading into the event (see prior bullet for greater details), keeping participants attuned to the risk of the potential for further unofficial guidance during the pre-FOMC blackout period.
  • J.P.Morgan reaffirmed their out of consensus call for a 50bp cut late Friday.
  • Our Fed preview can be found here.
  • We will update that document with sell-side views later today.

 

Keep reading...Show less