Bonds & Stocks
Open interest in Treasury futures increased across tenors in Friday’s selloff, sparked by January jobs data, particularly in 5- and 10-year contracts, suggesting new short positions were set. Mar25 and Dec25 SOFR futures also saw large open-interest increases as prices fell.
Economy
President Donald Trump plans to impose 25% tariffs on all US imports of steel and aluminum, broadening his trade restrictions to some of the country’s top trading partners and seeking to protect domestic industries that helped him win battleground states last year.
World
Russian data show oil production in January slipped further below the nation’s OPEC+ quota, according to people familiar with the figures. Output fell to 8.962 million barrels a day last month, the people said, asking not to be identified because the information isn’t public. That’s 16,000 barrels a day below Russia’s target under the OPEC+ supply agreement.