Stable long-term rates, declining assets, slight tension in the JPY interbk market, balance sheet constraints at the end of the quarter, collateral problems on OATs for US counterparties and a stronger dollar due to scarcity, are a mix that should weigh on assets until Wednesday

The timing of risk appetite is an important feature of the modern markets. We can see that during this last 2 years, the mood was risk on. Will the safe asset demand continuing to be as low, regarding the very low demand for duration, and the flood of bills ?

The systemic risk is still on the rise for now, pushed up by a net liquidity tightening in the US money markets. I do think that risk premium should be far higher than it is right now. The risk appetite is likely to decrease as much as reserves ampleness.

Even Belgium is above us in the head of rates traders according to the G-SIBS consensus Bravo "mozart de la finance" "La presidence jupiterienne"

Le 28 juillet dernier à Nantes, un homme au RSA qui a tenté de voler une bouteille de Yop à 1,89€ a été condamné à deux mois de prison par le tribunal correctionnel. Le soir même, il dormait en prison. Il n’a pas pu goûter la tribune VIP du parc des Princes.

The japanese QT and the pressure of Trump are creating a dangerous deleveraging in Japan, the yen carry trades looks in bad shape. The very strong and long correlation with US balance sheet constrains is abnormal, are they dropping their US assets to come back at home ?

Is the entire Fed Funds Market made of Repo 🤨 L.121 Money Market Funds Assets: As of 2Q 2025 the MMF's reported $7.17 Trillion of total assets - including $3.105T of Securities Repo Assets (41.5%) ⬛️ L:207 Federal Funds Assets ("The Cash"). As of 2Q 2025 the Fed was

Forward & yield futures curves, spreads maturity 3-month #SOFR & #Euribor for the trading day of 09/30 have been published online US : analysebourses.com/us/SOFR3M.html analysebourses.com/us/Euribor3M.h… FR : analysebourses.com/SOFR3M.html analysebourses.com/Euribor3M.html #Forward #Curves #futures #rate

Is there a big beautiful gentleman that would be kind enough to send me XCCY datas please ?

Qui doute encore que ce PSG a le niveau du barca 2009?

It is me or it is the exact same chart than primary dealer net positionning / SOFR volumes ?

SOFR volume tell us that dealers need to refund their positions by borrowing cash in the repo, because of net selling positions of central bank as well as the jpy carry trade reversing. The BOJ hike is likely to amplify this trend, hence constraining even more balance sheets.

Just 5Y ago, when i was asking to my bruv "what will you do?" General answer was : "i want to do x" "my ambition is to do y" Now : "i will do what i can" No dreams anymore.. what is the life without it ? A slow motion tragedy, with the escape as the only issue.. What an era

Cette jeunesse est vraiment formidable ❤️🇲🇦 « Nos parents pensaient que le silence faisait avancer, mais ça ne fait rien avancer. Ils nous disaient : ils vont vous frapper, vous emprisonner, et ils ont voulu nous éduquer comme ça. Mais le silence, ça n’apporte rien. Vous croyez

At the TGA and QT path, i do think that the fed can continue to reduce its balance sheet 6m to 1y, without blowing up the repo market. Even if there's still enough liquidity, i am surprised to see how much volatility is underpriced. Mon pol transmision will be under question.