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STIR: Longs Cut In Front End Of SOFR Strip Post-CPI, Shorts Set Further Out

STIR
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Preliminary OI data points to long cover dominating in the very front end of the SOFR strip as yesterday’s CPI data prompted an unwind of positions looking for a 50bp Fed cut later this month, while short setting dominated further out.

  • A reminder that several banks removed their calls for 50bp cuts at the upcoming FOMC decision in the wake of the data.
  • Fedspeak and our DC policy team’s work had already pointed to a more gradualist approach to easing.
  • We flagged the risk to existing long positioning ahead of the data.

 

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Preliminary OI data points to long cover dominating in the very front end of the SOFR strip as yesterday’s CPI data prompted an unwind of positions looking for a 50bp Fed cut later this month, while short setting dominated further out.

  • A reminder that several banks removed their calls for 50bp cuts at the upcoming FOMC decision in the wake of the data.
  • Fedspeak and our DC policy team’s work had already pointed to a more gradualist approach to easing.
  • We flagged the risk to existing long positioning ahead of the data.

 

Keep reading...Show less