Relatively tame overnight, except for an early morning leg down on China meeting news. This moved picked up steam as rumors of a tariff rollback circulated. Futures continued lower all day, finishing just off their session lows
Quiet overnight leads to a tame day session. Markets showed little interest in economic numbers and instead took their cue from equities, which advanced on more trade wars talk. Futures finished near their session lows.
Trades we are monitoring today. this structure caught our attention, as being one of few value trades that was being executed. It is trading way above its 10-Year average of -0.123 and above is 10-Year average backtest number of -0.164
There were some large interest rate block trades overnight, but futures moved in a relatively tight range prior to the NFP release. Futures hit new lows after a strong number gave credence to the idea of a pause in Fed rate cuts.
Tight futures trading ranges overnight with minimal option activity. Futures traded down to the low end of their range following the release Q3 GDP numbers. Drifted higher as market participants waited for the FOMC decision.