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White Eurodollars continue to drift higher

STIR FUTURES
  • Eurodollars whites are just off session highs and above where they were prior to first reports of Russian de-escalation early this morning.
  • With a surprisingly limited pullback on a much stronger than expected US PPI print, the drift could have been spurred Republicans seeking to block confirmation of the Fed nominees and Raskin in particular.
  • EDM2 leads the way up 6 ticks with EDZ2 up 4 ticks (tallying with Fed Funds pricing down to 94bps for Jun 15 and 161bps for Dec 14), but with much smaller moves in the red and green packs, there is litlte change with respect to inversion through the greens.

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