We have seen some interesting....>

US EURODLR FUTURES: We have seen some interesting moves in the ED futures strip

this week, with the front end moving higher but the long-end selling off.

- The main event of the week was the release of the text of Jerome Powell's

testimony. There were not too many surprises relative to the June statement, but

there was no push back of market expectations while Powell pointed to the "risk

of weak inflation". The market moved from pricing in pretty much no chance of a

50bp cut in July to almost a 25% chance at its peak. The moves were biggest at

the front end.

- Elsewhere through the week, the general move for Eurodollar futures has been

lower, both before and after the spike seen at the time of the release of

Powell's testimony.

- Whites (U9-M0) are 2.5-5 ticks higher on the week, Reds (U0-M1) are 1 tick

higher to 4 ticks lower, Greens (U1-M2) are 5.5-8.5 ticks lower while Blues

(U2-M3) are 9-10.5 ticks lower.