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Green and Blue Implied Rates Move Lower

US EURODLR FUTURES
  • Shorter-dated Eurodollars have continued to see little change since the largely inline CPI print, with the Dec white up just 0.5 ticks on the day.
  • Longer-dated EDs have seen larger moves though, with Dec greens and blues up ~3 ticks since CPI and 3.5-4 ticks on the day. They have been boosted by new comments from Mester on balance sheet reduction being as fast as possible, taking the Dec’25 back to the highest since Jan 6 at 98.020 for a 12.5-tick increase from Monday’s low.
  • Kashkari (2023 voter, dove) will very shortly discuss the economic outlook. He most recently noted on Jan 4 that he now supports two rate hikes in 2022, prior to the (on balance) stronger-than-expected payrolls report.
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