Asset Managers are net short JPY/USD futures for the first time since Nov 2024, with the last two weekly gains in shorts being the two largest in the last 26 months.
Chart via @quikstrike1
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Asset managers have built their largest net short position in Fed Funds futures since early 2023, a year that saw the Fed hike four times.
Chart via @quikstrike1
The Warsh era begins with key growth data and EU inflation reports:
Mon: Memorial Day 🇺🇸 (U.S. Markets Closed)
Tue: Auctions: T-Bills ($166B) & 2-Yr ($69B)
Wed: 5-Yr Auction ($70B)
Thu: U.S. GDP Growth, PCE & Personal Income, 7-Yr Auction ($44B)
Fri: Inflation (🇮🇹, 🇩🇪, 🇫🇷)
#SOFR M6M7 spread hits 40 bps.
The spread between Jun26 and Jun27 SOFR futures has risen over 92 bps since late Feb, as inflation concerns have fueled a dramatic shift in market expectations from cuts to hikes.
After a strong jobs report, markets pivot to funding and inflation.
Mon: Auctions: T-Bills ($166B) & 3-Yr ($58B)
Tue: Auctions: 52-Wk ($50B) & 10-Yr ($42B), CPI
Wed: 30-Yr Auction ($25B), PPI
Thu: Retail Sales
Fri: Industrial Production