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Post-LIBOR Settle Update

US EURODLR FUTURES
Lead quarterly EDH2 holding mildly weaker after latest 3M LIBOR set continues to rise: +0.00114 to 0.25514% (+0.01385/wk), highest since August 2020. Adding to Tue's rout, levels weaker out the strip but off overnight lows as markets continue to adjust tighter policy expectations through year end.
  • Just as market scrambles to adjust to four quarterly .25bp hikes starting in March, someone tries to move the goalpost:
  • From WSJ late Tue: Bill Nelson, a former top Fed staffer said Fed needs to prepare the public for the possibility that they will tighten by 50 basis points in March. He added that such a big increase may be necessary because the Fed is behind the curve in getting inflation under control, and it could have some value in reshaping market expectations toward a monetary policy stance that is serious about lowering inflation.
  • Green Dec EDZ4 inversion vs. Blue pack (EDH5-EDZ5) has unwound slightly.
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