ARGENTINA: IMF's Gopinath Says Very Good Progress Being Made on New Program
Feb-28 17:59
* IMF's Gita Gopinath via twitter: * "Excellent discussion with Minister @LuisCaputoAR and @BancoCen...
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US TSY OPTIONS: BLOCK: May'25 10Y Covered Calls
Jan-29 17:56
- 7,500 TYK5 112 calls, 23 vs. 108-31.5/0.13% at 1248:36ET
OPTIONS: Heavy Euribor Upside Ahead Of ECB Decision
Jan-29 17:52
Wednesday's Europe rates/bond options flow included:
- ERM5 98.12/98.25cs, bought for half in 79.5k total. (Said to be some positioning.)
- ERM5 98.00/98.12/98.25c fly, bought for 1.25 in 20k
- ERM5 98.25/98.37 call spread paper paid 0.25 on 10K.
- ERM5 97.75/97.875/98.00c fly vs 98.00/98.125/98.25/98.375c condor, bought the condor for 0.25 in 8k.
- ERM5 97.875/98.00/98.125/98.25c condor vs 97.5625/97.4375ps, bought the condor for 0.75 in 2k.
- ERM5 97.8125/97.9375cs, sold at 3.75 in 4
- SFIM5 96.00/96.50/97.00c fly sold at 4.5 down to 4.25 in 2.5k
FED: FOMC Statement: No Forward Guidance Change Expected (2/2)
Jan-29 17:46
- The first clause of the forward guidance sentence was changed in December from “in considering additional adjustments to the target range for the federal funds rate,” with the new language of “In considering the extent and timing of additional adjustments” suggesting that the Committee’s easing bias remained but would take a more measured approach.
- This is very unlikely to change in January.
- There is a reasonable expectation that the Fed at this meeting will discuss altering balance sheet policy, but this would be in a prospective way and there is almost no chance that any decisions will be made or communicated.
- The last paragraph is expected to be unchanged once again ("In assessing the appropriate stance of monetary policy...").
- No dissents are expected to a hold.
- In the Implementation Note, no adjustments to administered rates are expected (after December’s 5bp downward adjustment to the ON RRP offer rate).
