ARGENTINA: Deregulation Minister Sturzenegger Pledges Deeper Cuts In 2025
Jan-30 14:24
- Deregulation Minster Federico Sturzenegger has said that even deeper cuts are planned this year, as the government remains committed to its fiscal balance objective, to be achieved through a reduction in spending. In an interview with Reuters, discussing the cutbacks to the state, Sturzenegger said that "we're entering now what is called deep chainsaw, or chainsaw 2.0."
- Sturzenegger said the deregulation push would target sectors where local prices were artificially high due to a lack of competition. The government has said that it would reduce taxes on car imports and sales, and Sturzenegger said that they will look to cut regulation for electric cars and charging stations soon, potentially this week.
- Sturzenegger’s remarks come as the IMF completed its mission to the country in recent days, amid ongoing discussions around a potential new loan programme. Speaking to local media afterwards, IMF officials said that the talks were highly constructive and positive. BofA analysts have said that an IMF programme is not fully priced, given uncertainty over the deal’s timing and amount of upfront financing. They see scope for a $20bn EFF, including $5-10bn paid upfront, according to Bloomberg.
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STIR FUTURES: BLOCK: Red Dec'25 SOFR
Dec-31 14:23
- 4,000 SFRZ5 96.08 (+0.020), post-time bid going into the cross at 0918:29ET, appears to be a sale - though futures continue to rise, the contract trades 96.09 last (+0.030).
STIR FUTURES: BLOCK: Jun'25 SOFR 1Y Bundle
Dec-31 14:10
Total 6,000 SFRM5 1Y bundles (SFRM5-SFRH6) from 0857ET to 0903ET, 4,000 crossed +0.015, 2,000 +0.010. Most likely swap-tied selling with spds running wider in the short end.
US TSYS: Post House Price Data React
Dec-31 14:04
- Treasury futures holding mildly higher levels - little to no reaction to in-line FHFA housing price & slightly higher than expected S&P CoreLogic data.
- Futures had already pared overnight gains since the top of the hour, the Mar'25 10Y contract currently trades 108-31.5 (+.5), curves off earlier lows: 2s10s +1.041 at 29.924, 5s30s -.316 at 38.559.
