US Dollar (USD)

USD Swaps: NFP an earsplitting wake-up call for UST bulls...

Today’s Jan NFP release served as an earsplitting wake-up call for UST bulls as yields careen higher. JPM’s swap spread view.

USD Swaps: Risk in the tails; Fed reassures longs

Dealers suggest only an outlier in the employment report will move the markets today. Duration bulls take heart from the Fed.

USDi: BEs tap themselves out of central bank Dove-Fest

BEs decided that enough is enough and tapped themselves out of today’s central bank dovish fest with a modest pull-back.

USD Swaps: Rally fades; Capped by supply

USTs came off the earlier highs, with some selling pressures likely related to corporate supply pricing. TBAC discussions examined.

USD Vol: 10y tail gamma leads early directional selling

Gamma was hit down in a directional move to the underlying rally, with 10y tail gamma leading the move, but is now off the lows.

USD Swaps: Dovish double whammy; Rate market outlook post...

The BoE jumped on the dovish ease bandwagon while ECB's 50bps hike still resulted in a big rally, sending USTs higher in a lagging move.

USD Swaps: BOE peak talk bull-steepens; Banks on Fed

Hints from the BOE that sterling rates are near their peak helped global fixed income bull-steepen. But banks expect two more hikes from the Fed.

USD Swaps: Gratifying disinflationary process; USTs, swap...

Powell made familiar cautious noises but also saw the disinflationary process underway, and USTs rallied double digits. Swap spreads widened.

USDi: Markets squeeze dovish message out of Powell; BEs f...

The broader markets manage to squeeze a dovish message out of today's FOMC decision/Powell presser, and BEs followed suit by ending modestly higher.

USD Vol: Vol shorts look for a big payday

Going into the FOMC, fast money has sold vol and looks for a big payday post-FOMC. JP Morgan hangs onto its long gamma position despite the softening.