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Inversion Builds With Growth Fears

US EURODLR FUTURES
  • Eurodollars inversion builds some more with front whites little changed (yields -1bps) but sizeable rallies in late reds and onwards (-6-6.5bps), likely in respond to spillover from softer EA growth being crimped by gas restrictions plus some follow on from Walmart’s earnings disappointing after close.
  • It pushes EDZ2/EDZ3 back to new recent lows of -0.775, having only closed lower after the peak front-loading excitement following the US CPI beat and the 100bp hike from the BoC two weeks ago.
  • The tipping point in EDH3 remains at -0.20, largely unchanged since the Philly Fed and EA/US PMI misses last week with softer growth implications weighing further out the curve.

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