At-a-Glance
Key Takeaways with Craig
US Equity prices and Treasury Yields both traded higher today after the 2nd quarter GDP data came in at 3%. As we noted yesterday, this is a continuation of rising Treasury yields, even after the Federal Reserve cut its Fed Funds target rate by 50 basis points on September 18th. In the options markets, implied volatility was little changed in CME’s Equity Index options and remains below the 3-month average, while CVOL ticked slightly higher in the Treasury options.
In other CME markets, WTI Crude Oil prices fell by about 3.25% and are approaching 6-month lows, while CVOL in the options spiked higher, rising from about 34.2 to 38.6. Skew shifted more toward the Puts today as well. The 3 CVOL graphs below show six months of price, CVOL and Skew data from top to bottom.
In CME’s cryptocurrency markets, Bitcoin futures prices rose to levels we last saw in late July, while implied volatility in the options remains below the 3-month average. Ether prices were higher today as well, but remains well below the 3-month average, as does implied volatility in the Ether options.
Of course, we’re not done with the week yet; tomorrow brings us an inflation gauge that the Federal Reserve watches in the PCE. We’ll be back then to wrap up the week.
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