FOMC

Mohammed Kazmi, Portfolio Manager for UBP's Global & Absolute Return Fixed Income team, breaks down the UK Election and Trade deal impact on forex, rates and credit markets.
Once again, the biggest move of the day came on the heels of a Trump tweet. Quiet overnight led into the pit open. Less than favorable economic numbers moved futures higher.
Another Fed day, which means minimal activity up to the afternoon announcement. And with an uninspiring release, not much was added late in the session.
Mohammed Kazmi, Portfolio Manager for UBP's Global & Absolute Return Fixed Income team, breaks down the FOMC meeting taking place today, where the committee will announce its interest rate decision and Jay Powell will host a press conference.
The relatively quiet overnight session was interrupted by blowout employment numbers, which moved futures swiftly lower.
SOFR futures positioning ahead of year-end turn drives record OI. SOFR is a logical replacement for Libor futures after the end of 2021, when regulators have called for its replacement.
Quiet overnight session disrupted by China trade talk headlines. Trump signaled a willingness to move forward with the tariffs if a deal isn’t struck by the mid-December deadline.
A quiet overnight session, which saw futures put in the low for the day, led to a more active day session as traders got back to the markets after a traditionally slow holiday week. Disappointing ISM numbers contributed to the steady climb higher as futures closed near their range highs for the day.
Eurodollar futures traded in a tight range of about 4-5 ticks as there was little news to move the market. The focus stayed on impeachment hearings, but futures caught a slight bid late as traders digested FOMC minutes, closing near the top end of the range.
Futures traded in a relatively tight range overnight and found their session lows before the pit opening. With little economic news to digest, the market focused on a report that China is not optimistic about trade deal.