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Eurodollars Unwind As Powell Fails To Build On Hawkish Rhetoric

US EURODLR FUTURES
  • Eurodollars have largely unwound an earlier decline as Powell so far hasn’t delivered any hawkish surprises, keeping in line with yesterday’s prepared remarks and not going further on balance sheet reduction.
  • Reds had led declines earlier in the day, with EDZ3 ~4 ticks lower immediately prior to Powell speaking (with then highest volumes of the day) before retracing to unchanged on the day.
  • The EDZ2 has seen a smaller retracement and is 1 tick lower today, 3 ticks off earlier session lows at 98.770.
  • Some of the key comments have included: “If we have to raise rates more over time, we will” and “the labor market is `recovering incredibly rapidly'”.
  • On balance sheet reduction: “at some point perhaps later this year will allow balance sheet to shrink”, and “we haven't made any decisions regarding balance sheet reduction- we will talk again about it at the January meeting”.
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