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Euro$ interest rate futures are marginally lower

Euro$ interest rate futures are marginally lower still continuing to discount generally more hawkish Fedspeak and risk of an upward rate adjustment before year-end. Minneapolis Fed moderate Kashkari will be speaking at 11 ET in a town hall style presentation on Too-Big-To-Fail and the Fed, though this may not have much relevance to the policy outlook unless he's cornered on that topic. Focus will quickly shift to Yellen's speech Friday on the business cycle and the "Ellusive Great recovery." The December 2016 contract is flat near 99.04 (0.96% implied 3-month rate), while the deferreds are 0.5-1.0 ticks lower on the nearby dates, while 0.5-1.0 ticks firmer on the further deferreds.


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