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Post-LIBOR Settle Update, 3M New Highs

US EURODLR FUTURES

Lead quarterly EDH2 holding overnight gains at 99.42 (+0.010) following latest 3M LIBOR set' +0.01114 to 0.37743% -- highest lvl since May 27, 2020 -- gaining +0.03843 for the week so far.

  • While 3M interbank lending benchmark continues to surge higher, lead quarterly reluctant to price in more than appr 50% chance of 50bp hike at the next FOMC on March 16.
  • Out the strip: futures trading higher in Whites (EDH2-EDZ2, +0.015-0.025) through Golds (EDH6-EDZ6, +0.035-0.040), unwinding appr half of Tuesday's sell-off in Greens (EDH4-EDZ4) to Blues (EDH5-EDZ5).
  • See-saw action may be over soon -- with markets eager to see Thu's Jan CPI inflation data (0.4% est vs. 0.6% rev).
  • Policy uncertainty/inflection point remains Green Dec'24 (97.845), mildly inverted vs. Blue Mar'25 through Sep'25, mildly higher vs. balance of strip.
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