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PIPELINE

Updated Guidance

OPTIONS

Expiries for Dec07 NY cut 1000ET (Source DTCC)

FED

NY Fed Operational Purchase

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ING note that "household credit growth is already showing some tentative signs of slowing down, though the annual growth rate remains uncomfortably high. And though it is very early days there are also signs that annual house price growth may be starting to peak out in some locations. Finding the right level of rates to slowly bring these excesses back into a manageable range isn't an easy task, but a slow addition of a further 50bp of tightening accompanied by a signal that this might be the end could deliver about the right mix, give or take the odd 25bp here or there. We see a peak for rates at 1.50%, only 50bp higher than today's level. The timing is harder to call. It may not come through fully until 2023."