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LIBOR Settles Resume Monday

US EURODLR FUTURES
No LIBOR settles today w/ London banks out for Spring and Platinum Jubilee holidays, settles resume Monday. Meanwhile, lead quarterly EDM2 trades steady to -0.0025 at 98.2325. Rate hike pricing out the curve stable: balance of Whites through Golds (EDU2-EDM7) trading -0.005-0.025.
  • Inversion holds to front Reds: low mkt measure of confidence in Fed managing a soft landing/avoiding recession has extended: Red Sep (EDU3) currently trading 96.675 vs. Red Jun (EDM3) at 96.56. Inversion starts to flatten out (dis-invert) around Blue Sep'25-Dec'25 trading 97.065.
  • Thursday option roundup: Light volumes Thursday continued to rotate around downside (rate hike) puts. Limited flow, no LIBOR settles today and tomorrow w/ London banks out for Spring and Platinum Jubilee holidays, settles resume Monday. Meanwhile, lead quarterly EDM2 holding steady at 98.2325.
  • Highlight Eurodollar trade in midcurves included Blue Jun 96.6296.75/96.87/97.00 put condors and 7,500 short Jun 96.37/96.62 put spds prior to the open. SOFR options included buy of 5,000 SFRU2 97.25/97.50 put spds.
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