MEXICO: USDMXN Holding Pattern Remains, Banxico’s Mejia at Banorte Event
Mar-12 11:32
* USDMXN remains in a holding pattern, having broadly respected a 20.20-40 range across the past f...
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STIR: Fed Rate Path Consolidates NFP Hawkish Shift
Feb-10 11:30
- Fed Funds implied rates are little changed from Friday’s close, with little net impact from President Trump saying Sunday he will impose fresh 25% tariffs on all steel and aluminum imports.
- It does however help consolidate the hawkish shift seen on Friday’s NFP report. See a recap of it here and a summary of all the main macro developments of the week here.
- Cumulative cuts from 4.33% effective: 2bp Mar, 7.5bp May, 15bp Jun, 20bp Jul, 26.5bp Sep and 36.5bp Dec.
- Today sees a particularly light macro docket, with calendar focus on Chair Powell’s Senate testimony on Tue before CPI on Wed. Of course, politics will remain at the fore with Trump having pledged to announce reciprocal tariffs on Tue or Wed.
BUNDS: Block trade
Feb-10 11:26
Bund Block trade, suggest seller:
- RXH5 ~2.14k at 133.29.
LOOK AHEAD: Monday Data Calendar: NY Fed Inflation Expectations, Tsy Bill Sales
Feb-10 11:26
- US Data/Speaker Calendar (prior, estimate)
- 10-Feb 1100 NY Fed 1-Yr Inflation Expectations (3.0% prior, --)
- 10-Feb 1130 US Tsy $84B 13W & $72B 26W Bill auctions
