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Yields Climbing In Volatile Trade Post-Powell

US EURODLR FUTURES
  • Volatile trade in Eurodollars since Powell’s hawkish speech, with yields starting to climb again, currently capping at 8-9bps in late whites/front reds [bottom chart, blue bars], on top of already aggressive rate pricing from previously heavily canvassed Fedspeak of higher for longer.
  • Minimal 2bp trimming of inversion since Powell through EDZ2/EDZ3 with -34bps of cuts, back at recent lows with a rough range of -35-40bps seen through the week having adjusted sharply higher from 70bps of cuts in early August.

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