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🏦🔻May USD Swaps Fell to 4.92% On Powell: Cable FX Macro

  • Peak rate pricing via USD O/N index swaps fell sharply on Fed's Powell remarks

  • One of the key takeaways was the fact that he signaled a deceleration of the pace as soon as December

  • Also, he said rates will be higher than previously thought in September. This is interesting since it is basically a repetition of the statement, while he avoided using a more recent date as a reference

  • This translated to a May pricing trimming of about 10 basis points on the day



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