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Front Rates Unwind Overnight Strength

STIR
  • EDH2 is up 1.5 ticks at 99.555, near the top of the 99.53-99.56 range it’s settled in through this week.
  • Longer-dated whites and reds have seen a larger increase this morning, with EDZ2 up 4.5 ticks and EDZ3 up 5.5 ticks from earlier lows as they move back near yesterday’s close having fully unwound the late sell-off overnight into Asian trade.
  • Similarly, Fed Funds futures are pricing in 27bps for the March meeting (from 28bps) and 102bps following the Dec meeting (from 105bps).
  • US data in 10mins: Along with jobless claims for a NFP survey week, the Philly Fed mfg survey could be of note after Tuesday’s surprisingly weak Empire survey which showed a mixture of moderating current prices but fresh series highs for forward looking prices.
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