BUNDS: Testing initial resistance
Feb-13 14:03
- Bund is testing initial resistance at 132.79, as we noted while the PPI and the IJC were above expectations overall, the PCE components looked soft, helping the Dovish moves in Bonds Futures.
- Next small resistance in Bund is at 133.13.
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STIR: Effective Fed Funds Rate
Jan-14 14:00
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
FRANCE: PM Bayrou Set To Speak At 1400GMT/1500CET
Jan-14 13:58
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.
BUNDS: The German 10yr makes an attempt at the July high
Jan-14 13:55
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.
