Waller slow walking eases
May 21, 2024
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–Quiet session Monday with slight drift towards higher yields. Tens +1.7 bps to 4.435%. SFRU4 featured a couple of block sales at 9487 and 9486.5, settled 9486 with open interest down 21.7k so it appears to be liquidation. Buyer of 20k 0QH5 9475/9424ps for 4.75; settled 4.25 ref 9598.5.
–Several Fed speakers today but Waller is probably most important at 9:00am. Titles of his speeches on Feb 22 and March 27 were, ‘What’s the Rush?’ and ‘There’s Still No Rush’. Not likely to be a big change in tone with respect to easing.
–NVDA reports tomorrow. $2.3 trillion market cap. Friday’s 950^ appears to be around 83 ref 947.80.
–I will be out for the rest of the week.
