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What to Watch: Bank Headline Risk Ahead Wednesday's FOMC

US TSYS
  • No data Monday, with the main focus on Wednesday's FOMC policy announcement, with a majority of dealer banks anticipating a 25bs hike amid ongoing efforts to backstop large regional banks.
  • Heavy overnight volumes (TYM3 >830k) following a lot of bank headlines overnight. Rates traded softer early overnight after the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank Sunday announced liquidity operation through standing U.S. dollar liquidity swap line arrangements
  • Meanwhile, UBS secured a $3.25B takeover of Credit Suisse while the Swiss National Bankconfirmed Sunday it will provide an additional SFR 100 billion liquidity assistance availability to facilitate UBS's takeover of Credit Suisse.
  • Rates rebounded, traded higher into the London open, partly in reaction to CS' AT1 bond rout w/ holders of $17B debt wiped out.
  • Yield curves trading mixed on wide ranges: 2s10s currently +1.3923 at -39.725 (-51.991 low/-33.080 high).
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