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CME Group SOFR Futures Reach New Volume and Open Interest Records
CME Group, the world's leading derivatives marketplace, today announced that its deeply liquid SOFR futures reached a new, all-time record average daily volume (ADV) of 5.4 million contracts in September and an open interest record of 13,159,646 contracts on September 17. Additionally, SOFR futures now have a record 1,144 large open interest holders (LOIH), based on the CFTC's latest Commitments of Traders report. "Our SOFR futures are the world's most actively traded futures contracts, providing clients with the deepest liquidity and strongest efficiencies for managing short-term interest rate risk," said Agha ... (full story)
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- From bankofcanada.ca|Sep 18, 2024
This is an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on September 4, 2024. This summary reflects discussions and deliberations by members of Governing Council in stage three of the Bank’s monetary policy decision-making process. This stage takes place after members have received all staff briefings and recommendations. Governing Council’s policy decision-making meetings began on August 29, 2024. The Governor presided over these meetings. Members in attendance were Governor Tiff Macklem, Senior Deputy Governor Carolyn Rogers and Deputy Governors Toni Gravelle, Sharon Kozicki, Nicolas Vincent and Rhys Mendes. International economy Governing Council members began their deliberations by discussing how the global economy had evolved since the July Monetary Policy Report. Their discussion focused primarily on the outlook for growth and inflation in the United States and China. In the United States, growth was higher than expected in July, mainly due to strength in consumption. The successive upside surprises in household spending were puzzling, particularly as the labour market had begun to slow. Members suggested that net wealth effects from strong equity markets, and the fact that existing mortgage holders had locked in low mortgage rates, could be supporting consumption. The low saving rate was viewed as a possible indicator of weakness going forward. Inflation in the United States had eased further. In China, continued weakness in domestic demand had increased the downside risk to post: BOC MINUTES: THE GOVERNING COUNCIL AGREED IT WOULD LIKE TO SEE THE ECONOMY GROW AT A RATE ABOVE POTENTIAL OUTPUT. post: BOC MINUTES: CONCERN ABOUT DOWNSIDE RISKS WAS LINKED TO POTENTIAL FURTHER WEAKENING OF THE ECONOMY AND LABOR MARKET. post: BOC MINUTES: MEMBERS DISCUSSED SECOND SCENARIO WHERE ECONOMY AND LABOR MARKET COULD WEAKEN; IN THIS CASE IT MIGHT BE APPROPRIATE TO SPEED PACE OF CUTS. post: BOC MINUTES: MEMBERS FELT CONSUMERS COULD BE WAITING FOR LOWER RATES TO MAKE LARGE PURCHASES OR ENTER THE HOUSING MARKET.
- From bnnbloomberg.ca|Sep 18, 2024
US housing starts bounced back in August after tumbling a month earlier, illustrating uneven residential construction as builders weigh inventory levels against brighter demand ...
- From forex.com|Sep 18, 2024|1 comment
The US Dollar is holding a well-define range against the Canadian Dollar with USD/CAD testing holding just below technical resistance ahead of today’s highly anticipated Federal ...
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- From federalreserve.gov|Sep 18, 2024|42 comments
Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have slowed, and the unemployment rate has moved up but remains low. Inflation has made further progress toward the Committee’s 2 percent objective but remains somewhat elevated. The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. The Committee has gained greater confidence that inflation is moving sustainably toward 2 percent, and judges that the risks to achieving its employment and inflation goals are roughly in balance. The economic outlook is uncertain, and the Committee is attentive to the risks to both sides of its dual mandate. In light of the progress on inflation and the balance of risks, the Committee decided to lower the target range for the federal funds rate by 1/2 percentage point to 4-3/4 to 5 percent. In considering additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. The Committee will continue reducing its holdings of Treasury securities and agency debt an post: FOMC STATEMENT COMPARE pic.twitter.com/e4OUTq9nRB post:
VOTE IN FAVOR OF POLICY WAS 11-1, WITH FED GOVERNOR BOWMAN DISSENTING; BOWMAN PREFERRED A 25-BASIS-POINT REDUCTION post:
FED: THE FOMC HAS GAINED GREATER CONFIDENCE IN INFLATION MOVING SUSTAINABLY TOWARD 2%, JUDGES RISKS TO EMPLOYMENT, AND INFLATION GOALS ARE ROUGHLY IN BALANCE. post: FED: WE WILL CAREFULLY ASSESS INCOMING DATA, EVOLVING OUTLOOK, AND BALANCE OF RISKS IN CONSIDERING ADDITIONAL RATE ADJUSTMENTS.
- From federalreserve.gov|Sep 18, 2024|16 comments
In conjunction with the Federal Open Market Committee (FOMC) meeting held on September 17–18, 2024, meeting participants submitted their projections of the most likely outcomes for real gross domestic product (GDP) growth, the unemployment rate, and inflation for each year from 2024 to 2027 and over the longer run. Each participant’s projections were based on information available at the time of the meeting, together with her or his assessment of appropriate monetary policy—including a path for the federal funds rate and its longer-run value—and assumptions about other factors likely to affect economic outcomes. The longer-run projections represent each participant’s assessment of the value to which each variable would be expected to converge, over time, under appropriate monetary policy and in the absence of further shocks to the economy. “Appropriate monetary policy” is defined as the future path of policy that each participant deems most likely to foster outcomes for economic activity and inflation that best satisfy his or her individual interpretation of the statutory mandate to promote maximum employment and price stability. post: *FED’S MEDIAN RATE FORECAST END-’24 AT 4.4%; PREV. 5.1% *FED’S MEDIAN RATE FORECAST END-’25 AT 3.4%; PREV. 4.1% *FED’S MEDIAN RATE FORECAST END-’26 AT 2.9%; PREV. 3.1% *FED’S MEDIAN RATE FORECAST END-’27 AT 2.9% *FED’S MEDIAN RATE FORECAST LONGER-RUN AT 2.9%; PREV. 2.8% post:
FED PROJECTIONS IMPLY 50 BPS OF ADDITIONAL RATE CUTS IN 2024 FROM CURRENT LEVEL, 100 BPS MORE IN 2025 AND ANOTHER 50 BPS IN 2026 post: FOMC DOT PLOT pic.twitter.com/OFT4mrVis6
- From youtube.com|Sep 18, 2024
The Federal Reserve System is the central bank of the United States. It performs five general functions to promote the effective operation of the U.S. economy and, more generally, ...
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- Posted: Sep 18, 2024 1:34pm
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