STIR: Effective Fed Funds Rate

FRBNY EFFR for prior session:

• Daily Effective Fed Funds Rate: 4.33% (+0.00), volume: $104B
• Daily Overnight Bank Funding Rate: 4.33% (+0.00), volume: $306B

PM Bayrou’s general policy speech can be viewed at this link. 

• French media outlets reported earlier today that Bayrou told parliamentary leaders of the gov't parties that he does not intend to announce a suspension of the 2023 pension reforms, instead favouring renegotiation in order to reach an agreement by September 2025.
• The centre-left Socialist Party (PS) has talked up a suspension of the reforms as its price for supporting the gov't in a post-speech censure vote.
• Should Bayrou's middle-ground approach on pension reform fall short of PS demands then it remains to be seen whether the Bayrou gov't can last.

A quick turnaround for Bund, after initially gaining few Ticks on the US PPI miss, the German 10yr Yield is again eyeing a test to the July high of 2.642%, would need a test towards ~130.47, so far just tested a 130.53 low.