"BANCO DE CHILE FY NET INCOME CLP1.21T" - BBG BNCHIL 2.99% 2031, $85.82, +.04...
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As opposed to multiple analyst Fed view changes following Friday's payrolls report, a strong Canadian jobs report released simultaneously hasn't drawn the same response. There remain various views for terminal rates of 2.25% (bottom of BoC's 2.25-3.25% neutral estimates) or possibly below, in contrast to the market where OIS currently points to only 42bp of cuts to 2.86% in 2025.
Aside from some decent SOFR call plays, better put volume on net reported in SOFR & Treasury options overnight. Underlying futures mildly lower/off lows. Projected rate cuts through mid-2025 continue to retreat, current vs. late Friday levels* as follows: Jan'25 steady at -0.7bp, Mar'25 -4.7bp (-6.3bp), May'25 -8.4bp (-10.5bp), Jun'25 -15.9bp (-18.2bp), Jul'25 -17.7bp (20.2bp).