The data as of 4:15 pm EST …
Investing.com has calculated a forward rate contract price for EUR/USD on 16 May 2025 at 1.1205. That compares with my back of the napkin forward rate calculation of EUR/USD=1.1210 on Friday.
The NADEX is pricing the probability of EUR/USD exceeding 1.1225 at $3.10. This represents a decrease of $1.40.
At 4:15 pm, Reuters priced the EUR/USD at 1.1175, down 34 pips from this morning’s read of 1.1209. The USD/JPY was priced at 146.75 at 4:15 pm ticking up from the 146.12 reported at 11:00 am.
The Federal Reserve Bank of New York reports the following interbank reference rates:
Effective Federal Funds Rate: 4.33%
Overnight Bank Funding Rate: 4.33%
Secured Overnight Funding Rate: 4.30%
Broad General Collateral Rate: 4.29%
Tri-Party General Collateral Rate: 4.29%
Alton Drew
14 May 2025
Disclaimer: The above post is a thought exercise that should not be substituted for trading advice. For a legal analysis of or consultation on this post, reach out to me at altondrew.altondrew.com.
Statement by Commissioner Summer K. Mersinger on her Departure from the Commodity Futures Trading Commission
May 14, 2025
After careful consideration, long discussions with my family, and lots of prayers, I have decided to step down from my position as Commissioner at the Commodity Futures Trading Commission (“CFTC”) at the end of the month, to pursue new opportunities. This decision is not easy, and it breaks my heart to leave the agency that I have grown to love so much over the last five years. It has been a privilege to work and serve at the CFTC in both the first and the current Trump Administrations, doing my part to assist in pursuing the President’s important policies.
While I have spoken often of my agricultural roots, I have not spent much time talking about my upbringing. My parents did not go to college. They went straight from high school to the workforce. My dad worked from the early morning hours until late at night, and my mom sometimes worked two jobs to make ends meet. We lived in a small trailer house, our family outings were church on Sunday, and the only time we ate out was when our church hosted a potluck lunch after Mass. Despite the lack of material comforts, we never lacked love, support, or encouragement. My parents sacrificed so that my siblings and I could live out our dreams.
My background really is not unique or noteworthy, and I suspect many Americans share a similar life story. I share this to explain just how grateful I am for the opportunities I have had throughout my life. When I started answering phones for Congressman John Thune in the summer of 1999, I could not possibly imagine the career opportunities before me, and I am still in awe today. I owe a huge debt of gratitude to my parents who worked to support my dreams, and to Majority Leader John Thune who took a chance on a small-town kid from Onida, South Dakota.
Over the last three years as a commissioner, I have been incredibly fortunate to be surrounded by a stellar team who made me look good every day. Thank you to Terry Arbit, Libby Mastrogiacomo, Josh Beale and Tim Achinger for sharing your brilliant legal minds and for all the hours and effort you selflessly contributed over the years.
Thanks to Lauren Fulks, an absolute hidden gem in the agency, who took my vision for the Energy and Environmental Markets Advisory Committee (“EEMAC”) and made it a reality, and Lillian Cardona and JonMarc Buffa for diligently working with an extraordinary team of professionals to create masterful reports from our EEMAC subcommittees.
A special thanks to the members of the EEMAC for their intellectual curiosity and willingness to go “off-road” in the pursuit of understanding America’s energy sector.
I also want to thank LaTasha Pate and Janet Schmautz for keeping the office, and the staff, running smoothly.
And finally, I need to say thank you to my chief of staff, Chris Lucas. The title of chief of staff does not come close to covering all of Chris’s duties over the last few years. Chris was the optimism to my realism, the morning person to my hatred of anything happening before 10 am, my cheerleader, and the voice of reason when I needed someone to tell me the hard truth.
Thank you to all my staff for working so hard on my behalf and on behalf of the CFTC and, most importantly, thank you for your willingness to tell me “No” when I needed to hear it.
I will miss the work and my fellow commissioners, who have become close friends. But most of all, I will miss the amazing team at the CFTC. The talented staff at this agency are true public servants committed to fulfilling the agency’s mission. They are the heart of the agency and of great value to the United States government. It has been an honor to both work with you and learn from you. Thank you.
I have always loved the following quote from A.A. Milne, and I can think of no better words to express my sentiment as I prepare to step into the next adventure in my career:
“How lucky am I to have something that makes saying goodbye so hard.”
-CFTC-
Lawyers Write the Bets. Bankers Sell the Bets. 