US Dollar (USD)

USDi: Trade winds lift BEs again

Amid another solid trade-news driven risk-on move, BEs snapped higher, rallying an additional 3.5-5.5bps amid decent interest in the asset class.

USD Swaps: Trade Optimism; T-Bill buybacks; FHLB

USTs have taken another sharp leg down on trade optimism. Fed announces T-Bill buyback program. BAML looks as FHLB LIBOR phase out.

USD Swaps: Whiffs of a more solid risk-on; 30y

Treasuries are grinding back toward the lows of the day into the close and sources see the price action more slippery with levels faltering easily.

USDi: CPI underwhelms but NSA quirk lifts BEs

September CPI fell short of consensus expectations. However, the NSA was stronger than the market was pricing in the screens which helped buoy BEs.

USD Vol: 10y gamma gains, but buyers wary

Implieds are higher in the upper right, but risks of a risk-on reversal have some wondering if gamma could abruptly correct lower. Vega drops.

USD Swaps: USTs hammered again; Duration view

Trade optimism has bolstered the risk tone once again. Accordingly, USTs remain under heavy bear steepening pressure for the second consecutive day.

Basis: SOFR mania; Italy whopper drives EUR/USD

An impressively busy day once more for new issuance saw the shadow of Italy’s $7bn 3-part cast over much of the curve.

EUR Swaps: Italy's dollar deal weighs; High valuations

Italian dollar supply weighed on the market, while high valuations made for toppy sentiment

USD Swaps: Steepening erodes; Choppy

Treasuries saw little movement after the FOMC minutes this afternoon, although the steepening of the curve gave back a large portion of earlier gains.

USDi: BEs bounce a smidgen ahead of CPI

Today’s big risk-on move managed to left BEs off their multiyear lows hit yesterday, but not by a meaningful amount given the broader backdrop.