DALY SEES 'NO URGENCY TO ADJUST THE POLICY RATE'

MNI BRIEF: Fed’s Collins Sees Rate Cuts Later Than Had Thought

MNI BRIEF: China March M2 Slows More Than Expected

MNI BRIEF: China Tightens Stock Market Supervision

MNI BRIEF: China Mar Exports Jump On Demand; Imports Improve

MNI: PBOC Sets Yuan Parity Lower At 7.0967 Fri; -4.87% Y/Y

MNI: BAKER HUGHES US RIG COUNT 617; OIL RIGS 506; GAS RIGS 109

March Home Sales Jumped At End Of Month

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Post-LIBOR Settle Update: 3M Surges to New High

US EURODLR FUTURES

Lead quarterly EDM2 slips -0.010 to 98.14 after latest 3M LIBOR set' surged to new 2-year high of 1.28600% (+0.04714), up +0.07239 for the week.

  • Balance of Whites (EDU2-EDH3) trade +0.005-0.010 higher, Reds through Golds (EDM3-EDH7) +0.005-0.015 higher.
  • Inversion holding in front Reds: Red Sep (EDU3) currently trading 96.665 vs. Red Jun (EDM3) at 96.595 -- low measure of confidence in forward policy and/or Fed managing a soft landing/avoiding recession has been priced in for months. Levels start to flatten out (dis-invert) around late Blue Mar'26/Gold Jun'26 trading around 97.09.
  • Wednesday derivatives roundup: FI option volumes were not overwhelming Wednesday, but fairly consistent with better buying of low delta puts and put structures, particularly in 10Y Treasury options as the burgeoning bid in rates that saw 30YY fall to 2.819% overnight evaporates.
  • Curve steepening had already been underway prior to the mildly weak 5Y auction (2.785% high yld vs. 2.777 WI) as support for bonds ebbed into midday, put buyers looking for the primary downtrend to continue.
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.