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STIR: OI Points To Mix Of Long Setting & Short Cover In SOFR On Tuesday

STIR
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Yesterday’s modest rally in SOFR futures and preliminary OI data points to a mix of long setting and short cover through the blues.

  • This came after a weak consumer confidence reading, with a particular focus on the softening labour market indicators within the data, countered the China-stimulus-driven sell off.
  • The data drove a net dovish move in Fed pricing on the day.
  • Fed funds futures now price ~79bp of cuts through Dec vs. closer to 75bp late Monday.
  • ~181bp of cuts are priced through June ’25 vs. ~178bp late Monday. 

 

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Yesterday’s modest rally in SOFR futures and preliminary OI data points to a mix of long setting and short cover through the blues.

  • This came after a weak consumer confidence reading, with a particular focus on the softening labour market indicators within the data, countered the China-stimulus-driven sell off.
  • The data drove a net dovish move in Fed pricing on the day.
  • Fed funds futures now price ~79bp of cuts through Dec vs. closer to 75bp late Monday.
  • ~181bp of cuts are priced through June ’25 vs. ~178bp late Monday. 

 

Keep reading...Show less