There was a lot of...............>

US EURODLR FUTURES: There was a lot of anticipation in the lead-up to the

midweek FOMC decision and Friday's April employment data. It was also a bad week

for those seeking liquidity with Japan out for varied holidays and much of

Europe shuttered Wednesday for Labor day holiday. 

- The ED strip ticked lower Monday, but recovered to post mild gains by

Tuesday's close.

- Futures extended highs as FOMC made an unexpected 5bp cut on interest on

excess reserves (IOER) to 2.35% -- but reversed soon after as Fed Chair Powell

explained the move did not reflect a change in mon pol stance, but "intended to

foster trading in FFR market at rates well within the FOMC's target range".

- Red packs (EDM0-EDH1) were +0.055 but collapsed to -0.060 late. ED and FF

calendar spreads collapsed too, as did Tsy yld curves (2Y30Y -5.003, 61.068, L:

60.586 / H: 68.726) as easing hopes over the near term evaporated.

- For the week: aside from a steady EDM9 at 97.445, Whites (M9-H0) are

0.035-0.050 lower on the week, Reds (M0-H1) 0.060-0.070 lower, Greens (M1-H2)

0.060-0.045 lower, Blues (M2-H3) 0.040-0.030 lower.