A mixed November NFP print left BEs mixed and flatters amid a broader risk-off move this session.
A mixed NFP with a disappointing headline but other positive metrics currently sees the UST bulls winning out. DB answers why the Fed is hawkish now.
MPC hawk Saunders is having second thoughts (something to do with a global pandemic). Ignoring Covid restrictions, Dec21 is partying like it's 1999.
Bank callables and a handful of SPIRE repacks made up the bulk of the week's structured notes.
Bunds are little changed and the curve is a tad flatter after some ECB-speak but before NFPs. In basis, long end 3s6s tested fresh lows.
Like a blanket of pure white snow, NFP data has smothered the recent volatility. But will hawks and doves do battle one last time this week?
The long-end of the JPY swap curve flattens more today, and 10-year swaps have reached their key level.
AUD rates market is firmer despite losses in the USTs. 10y saw good receiving and 3-year turned better offered after some 2-way interest.
BEs stopped their post-Powell moping and actively joined today’s robust revival in risk sentiment.
The UST curve recorded new lows. SOFR volumes rose above LIBOR for the majority of the curve today, a first. JPM examines spread curve vs. rate.
The ULC is well bid to new highs versus the underlying bear steepening. 1y1y 1x2 wedge, 3y 3% caps trade. Sources examine recent 0% 5y floor lifts.
Headline trading made for an unnerving day as swappers waited with baited breath to discover the true nature of their new master Omicron.
Euro inflation bear-steepened today amid selling of cash breakevens versus demand for long end swaps.
A day of pretty much zero basis-swappable bond issuance nonetheless saw a lot of flow, curve-flattening and big news regards XCCY SOFR First.
Recent structured note activity in USD.
Risk-on is making another attempt after failing yesterday and USTs are under bear flattening pressure in tandem. Barclays sees low 10y yields holding.
The UST curve is flatter and higher ahead of some Fedspeak and the looming jobs data. BNPP's new index finds short positioning at an extreme.
Headline trading has bull-steepened a fragile market. 3s6s is lost without its leaders, and BNPP eyes BTP spreads to Bunds.
The PBOC may cut RRR in order to stabilise a possible liquidity strain. 5-year has been better bid and the move in FX has prompted front-end offers.
Worries over the new coronavirus strain will likely flatten the long-end of the JPY swap curve further. Uruguay sold JPY50bn worth of Samurai bonds.