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

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Post-LIBOR Settle Update: Ignoring 3M Gain, Eye on BOE Annc

US EURODLR FUTURES

Lead quarterly Dec'22 (EDZ2) currently +0.060 at 95.365, ignoring latest 3M LIBOR set' of +0.03228 to 3.67414% (+0.04571/wk), new 14Y high, with market focus on BOE Gilt purchase program anncd an hour ago.

  • FI markets gapped higher across the curve but have since scaled back off highs on very volatile moves, ESZ2 hit 95.40 high (+.095) before retracing to 95.365.
  • Balance of Whites through Reds (EDH3-EDU4) +0.065-0.105, Greens-Blues (EDZ4-EDU6) +0.060-0.015, Golds (EDZ5-EDU7) steady to -0.020.
  • Current inversion pricing: Jun'23/Sep'23 -0.080; EDZ2/EDZ3 at -0.085, EDH3/EDH4 at -0.330, EDM3/EDM4 at -0.460. Inversion flattens out with Blue Mar'26/Jun'26 both trading 96.095.
  • Tuesday option roundup: Larger trading volumes included multiple put spread unwinds, accts consolidating downside positions in the hopes the heavy selling in underlying futures has run it's course. Short end Eurodollar and Tsy 2Y futures outperformed on multiple factors including new steepeners, swap-tied receivers/payer unwinds, outright short covering as rate hike pricing cools.
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