CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Post-LIBOR Settle Update: New 3M Benchmark High Rebuffed

US EURODLR FUTURES

Lead quarterly EDU2 holding near late overnight highs, currently trading at 96.67 (+0.045) despite 3M LIBOR set' climbing +0.0314 to highest level since Aug 2019 at 2.18457% (+0.08871/wk).

  • Strong rebound w/ balance of Whites through Reds (EDZ2-EDM4) trading +0.095-0.130 as prospect for additional 75bp hikes cools. Greens through Golds (EDU4-EDM7) +0.110-0.080.
  • Low mkt measure of confidence in Fed managing a soft landing/avoiding recession reflected in inverted futures pricing moving to latter half of Whites w/ Mar'23 currently trading 96.115 vs. Jun'23 at 96.215. Inversion starts to recede around Blue Sep'25/Dec'25 trading 96.77.
  • Tuesday option roundup: Eurodollar option trade centered on calls, mirroring EGB derivatives flow Tuesday as yields continued to climb (30YY tapped 3.3922% high) and curves bear steepened (2s10s +7.036 to 10.902 by the bell).
  • Directionally, flows were mixed. Some faded the sell-off in underlying futures -- looking for a rebound (5,000 Sep 95.87/96.12/97.25/97.50 call condors, 19.5; 10,000 Jul 96.68/97.06 1x2 call spds, 5.5). While others were more repositioning: Block total +20,000 Sep 96.75/97.00/97.25 call trees, 2.5 vs. -20,000 Sep 97.25/97.56/97.75 at 1.0 -- appeared to be a position roll-down/adjust.
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.