US Dollar (USD)
USDi: BEs sulk lower into month-end close
BEs quickly sulk lower into the month-end close as a meager index extension, rallying nominals and a rudderless risk tone lent little support.
USD Swaps: USTs bid into month-end; Powell defends Fed’s ...
USTs are better bid into month-end amid an increasingly souring risk-tone. Powell defends Fed’s bazooka. JPM’s mREIT update.
USD Swaps: 10y yields held by extension; SOFR alternatives
USTs are in the middle of their narrow May range ahead of Trump's keenly awaited China plans. Barclays looks at alternatives to SOFR.
USDi: BEs ignore dip in risk-tone; Focus turns to month-e...
BEs ignored the shifting risk tone today, forging higher as the backdrop deteriorated. Attention now shift to month-end flows tomorrow.
USD Swaps: Equities reverse; Yields, spreads hover with m...
The curve has thus far bucked ME buying prognostications and has continued steeper. Spreads and outright rates see minor bumps, but are mostly steady.
USD Vol: Bermudan activity lights up; ULC sags; Switches
Berm vol sees some activity in 5y NC1 amid a recent slowdown of callables in that sector. ULC dips. BofA examines the steep VIX drop.
USD Swaps: 5s30s steepening extends; Pension duration dem...
Both USTs and spreads are narrowly mixed while the UST curve has steepened more. IG supply hits the tape. DB sees increased pension duration demand.
Basis Swaps: USD on a roll in busy issuance market
After a quiet start to the week, both sides of the Atlantic are seeing strong issuance, with USD supply from non-domestic issuers booming.
USD Swaps: 7y auction looms; Fiscal cliffs
Treasuries are little-changed as Dow futures stay in the green and 7y supply looms.
USD Swaps: Late day long end reversal; 5y tails
The long end reversed lower late in the day. The 5y auction tailed more than 1bp, adding to the pressure in the belly. Swap spreads narrowed