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Mirroring Tsy Curve

US EURODLR FUTURES

Eurodollar strip is mirroring Treasury futures curve with the short end anchored amid flood of liquidity (Tsy annc from earlier in month intention to reduce TGA holdings at the Fed, further exacerbates abundance of short end liquidity) while latter half of Greens (EDH3EDZ3) -0.030 to -0.080 through Golds (EDH5-EDZ5) -0.135 to -0.150 are taking brunt of outright selling and spd interest (Greens-Blues lead volume trade).

  • Reflation theme (planning for economy rebound as markets exit winter as COVID infection/mortality rates fall and more people exit lockdown) weigh on long end Tsys spilling over to Eurodollar futures with accts buying more 2-3Y midcurve puts and put spds to hedge against rise in rate hike chances.
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