It was a very quiet start to.....>

US EURODLR FUTURES: It was a very quiet start to the week, not entirely

surprising w/limited data, financial earnings in concert with a large increase

in corporate debt issuance this week ($45.5B vs. $47.9B last week). Though there

was little react to the actual Brexit vote result, domestic markets appeared

sidelined pre/post vote Wednesday and Confidence vote Thursday.

- FI futures markets remain very sensitive to China trade headlines with a sharp

ris-on move late Thursday (WSJ article positing Tsy looking at dropping China

tariffs -- disavowed by Tsy minutes later). Rates reacted similarly to Friday

headline that China "said to offer path to eliminate" trade imbalance with the

U.S., even though this was tabled last year.

- Meanwhile, continued dovish Fed-speak belied the slow drip lower in Eurodollar

Reds (EDH0-EDZ0) through Golds (EDH3-EDZ3) this week (-0.060 to -0.080 on net).

Lead quarterly EDH9 futures held steady at 97.310, while EDZ9 slipped -0.035 on

the week with the inversion vs. Red March (EDH0) futures coming of 0.025 by

midday Friday.