Sept 18
Sept 18. Data was mixed yesterday, with Job Claims lower than expected but continuing claims higher. Philly Fed was a strong headline number but components within the survey paint a different picture, with employment lower, input pricing higher but prices rec’d under pressure.
–After a lower open, treasuries rallied. The curve flattened aggressively with red/gold pack spread down 7.75bps. Treasury vol a bit softer on the rally, with notable selling in TYV and TYX straddles. Eurodollar vol firmed in the absence of premium sellers, who will probably return in force after the FOMC next week.
–CNBC viewership down 37% yoy in Septemeber according to zerohedge.
