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ED futures continue move lower

STIR FUTURES
  • Eurodollar futures have moved lower this morning with most of the strip down 5-6 ticks but slightly larger moves in Sep-23 and Dec-23 contracts (down up to 7.5 ticks).
  • SONIA and Euribor futures are both trading within Friday's ranges this morning.
  • There is around 52bp priced in for the Fed's December meeting with 88bp cumulatively priced by February, 103bp by March and a peak of 110bp priced by June. The curve then inverts, falling to 63bp by the end of 2023. More than 100bp had been priced as recently as a week ago.
  • For the ECB there is 62bp priced for the December meeting with a cumulative 103bp priced by February, 130bp by March and 153bp priced by July 2023. The curve then flattens.
  • For the BOE, there is 60bp priced for December, 103bp by February, 140bp by March and a peak of 162bp by September 2023.
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