US Dollar (USD)

USD Vol: Implieds drop further; Longs pared

Gamma and intermediate vol has sunk down further off the back of lower realizeds, the resolution of the debt ceiling and cementing of June pause.

USD Swaps: T-Bills increased; Hedge funds & asset manager...

USTs are bear flattening amid a dearth of data/Fed-speak. Treasury announces increased T-bill issuance. BofA looks at UST demand in wake of debt deal.

USD MTNs: Natixis Formosa; JPM ZC; CMS rangers

Natixis came with a 5y NC4 FRN Formosa while JPM printed a 25y NC6 ZC callable non-Formosa. GS and RBC launched CMS rangers.

USD Swaps: USTs softer; SOFR fix falls; Recession fans

USTs are softer and white SOFRs up small after the rate fell again at the latest fix. Banks disagree over the risk of recession and rate cuts.

USD Swaps: Softer ISM Services helps pause cause; Busy IG...

The UST curve bull steepened. Barclays assesses ISM Services data. Swap spreads narrowed amid a busy IG day. JPM and Citigroup weigh in on 2y spreads

USD Vol: Vols tick down; Re-papering for SOFR

Gamma is smidge lower to start the week amid lower realizeds, though still decent intraday ranges. Sources note SOFR transition re-papering work.

USD New Issues: Yankee FIGs; $20bn expected

$14.5bn priced last week in IG, lower than expected. Yankee FIGs are piling in to start off the week, with surveys anticipating around $20bn.

USD Swaps: USTs struggle pre-data; Pause paused?

UST yields pushed higher overnight and then did little in London trading with headlines focusing mostly on Saudi-led oil price rises and ahead of data

USD Swaps: Job, jobs and even more jobs; UST supply jump ...

USTs are bear flattening with today’s surprising jump headline NFP despite other signs of cooling. BofA looks at the imminent jump in UST supply.

USD Swaps: Stasis as market awaits NFP’s casting vote

The USD fixed income market was in near-stasis this morning as it awaits an NFP outcome that some see as the casting vote for the June FOMC meeting.