Shares are set to open higher as techs rallied strongly in New York; Oil falls sharply; RBNZ poised to slash its key rate. Follow updates here.
Traders are beginning to bet on losses in the US Treasury market as they price in a more gradual pace of Federal Reserve interest-rate cuts ahead. Since a resilient September jobs report late last week, bond traders have been abandoning their long positions across multiple futures contracts linked to the Secured Overnight Financing Rate. That’s signalling an unwind of bullish wagers that hinged on a series of big rate cuts this year and into early 2025.
Open interest data, or the number of positions held by traders in the futures market, has sharply dropped across SOFR futures since the employment report. In the December 2024 tenor the two-day position reduction has amounted to approximately 223,000 contracts, equivalent to $5.6 million per basis point in risk, CME data released Tuesday shows.
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