“*ELLIOTT PUSHES BIG COST CUTS AT BP TO PRESERVE ITS INDEPENDENCE
*ELLIOTT IS SAID TO PUSH FOR DIVESTMENTS, SPENDING CUTS AT BP
*ELLIOTT IS SAID TO PUSH BP TO IMPROVE CAPITAL ALLOCATION” -BBG
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Better SOFR put structure buying since the open, fading this morning's post-PPI rally with underlying futures scaling off of this morning's knee-jerk rally. Projected rate cuts through mid-2025 continue to retreat, current vs. late Friday levels* as follows: Jan'25 steady at -0.7bp, Mar'25 at -5.8bp (-4.9bp), May'25 -10.2bp (-9bp), Jun'25 -17.6bp (-16.5bp), Jul'25 at -20.4bp (-18.7bp).