EQUITY TECHS: E-MINI S&P: (H5) Approaching Key Resistance Points
Feb-14 15:02
* RES 4: 6205.38 0.764 proj of the Jan 13 - 24 - Feb 3 price swing * RES 3: 6200.00 Round number res...
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US TSY FUTURES: BLOCK: Recent Mar'25 2Y Sale
Jan-15 14:59
- -6,000 TUH5 102-24.25, post time bid at 0932:00ET, DV01 $216,000. The 2Y contract trades 102-23.75 last (+5.62), contributing to curve flattening this morning with 2s10s -4.033 at 38.106.
PIPELINE: Corporate Bond Issuance Update
Jan-15 14:55
Corporate issuance resumes - alert for large banks as they exit earnings blackout: Blackrock, Bank of NY Melon, Wells Fargo, JP Morgan, Goldman Sachs and Citigroup all announced this morning.
- Date $MM Issuer (Priced *, Launch #)
- 01/15 $1B Kommuninvest WNG 3Y SOFR+37a
- 01/15 $Benchmark NY Life 10Y +90a
- 01/15 $Benchmark Dexia 5Y SOFR+73a
- 01/15 $Benchmark CABEI 3Y +75a
- 01/15 $Benchmark CDP Financial 5Y SOFR+63a
- 01/15 $Benchmark Citadel LP 5Y +200a, 7Y +225a
- 01/15 $Benchmark NLG Global Funding 5Y +115a
- $19.75B Priced Tuesday
US OUTLOOK/OPINION: Wells Fargo Pares 1 Fed Cut From 2025 Outlook Post-CPI
Jan-15 14:53
Wells Fargo has changed its Fed rate call, saying that while core CPI looked better than headline, "when looking through the month-to-month noise, the inflation data have been fairly stubborn in recent months, neither gathering nor losing speed." (They estimate core PCE came in at 0.21% in December.)
- Therefore in addition to "the more resilient labor market data seen over the past couple months, we have revised our expectations for the federal funds rate outlook. We now expect two 25 bps rate cuts by the FOMC this year, in September and December, down from the three cuts we anticipated coming into the year. If realized, the target range for the federal funds rate would be 3.75%-4.00% at year-end 2025."
