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Post-LIBOR Settle Update: Modest 3M Bounce

US EURODLR FUTURES

Lead quarterly EDM2 holds marginally higher at 98.195 (+0.005) after latest 3M LIBOR set' gains +0.00129 to 1.39986% (-0.00200/wk) still off last Wed's 2Y high of 1.40614%.

  • Balance of Whites (EDU2-EDH3) trades steady to +0.045 higher, Reds through Golds (EDM3-EDH7) gaining +0.055-0.065.
  • Inversion in front Reds (mkt measure of confidence in Fed managing a soft landing/avoiding recession) continues, but off lows w/ Red Sep (EDU3) currently trading 96.70 vs. Red Jun (EDM3) at 96.635. Levels start to flatten out (dis-invert) around Blue Jun'25-Sep'25 trading 96.95.
  • Renewed focus on Fed speakers today (six at latest count, see 0614ET bullet for schedule) as markets price in two 50bp hike over next two FOMC meetings, nearly 200bps in hikes by year end.
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Lead quarterly EDM2 holds marginally higher at 98.195 (+0.005) after latest 3M LIBOR set' gains +0.00129 to 1.39986% (-0.00200/wk) still off last Wed's 2Y high of 1.40614%.

  • Balance of Whites (EDU2-EDH3) trades steady to +0.045 higher, Reds through Golds (EDM3-EDH7) gaining +0.055-0.065.
  • Inversion in front Reds (mkt measure of confidence in Fed managing a soft landing/avoiding recession) continues, but off lows w/ Red Sep (EDU3) currently trading 96.70 vs. Red Jun (EDM3) at 96.635. Levels start to flatten out (dis-invert) around Blue Jun'25-Sep'25 trading 96.95.
  • Renewed focus on Fed speakers today (six at latest count, see 0614ET bullet for schedule) as markets price in two 50bp hike over next two FOMC meetings, nearly 200bps in hikes by year end.