Eurodollar Futures Weekly........>

US EURODLR FUTURES: Eurodollar Futures Weekly Update: While US/China trade and

geopolitical angst hasn't dissipated, the "risk-off" tone actually moderated

some this week with short end rates scaling back support for the second

consecutive week even as 30YY made a new all-time low of 1.0952%.

- Markets still price in 100% chance of a 25bp rate cut at the September 17-18

FOMC, but chances of a 50bps cut have slipped back to around the mid-teens from

54.9% a week ago.

- Why the change? Perhaps mkts had come to far/too fast in pricing in larger

rate cuts despite constant castigation from Pres Trump, a lack of major

fireworks at the G7 summit last weekend helped mollify. Risk-off receded Thu as

expectations of trade negotiations via phone kept markets on edge, but no calls

or breakthroughs (or call flor that matter) were ever announced. 

- Eurodlr futures: second consecutive week the lead EDU9 futures receded 0.040

to 97.94, while EDZ9 through EDM0 fell 0.090-0.030; Reds (EDU0-EDM1) were mixed

at -0.015 to +0.020, while Greens (EDU1-EDM2) through Golds (EDU3-EDM4) are

0.025 higher (after gaining 0.250-0.300 last two wks).