Euro$ interest rate futures remain at low ebb
Euro$ interest rate futures remain at low ebb as yields continue to ratchet higher on global rate markets, led by losses on Gilts, even though stocks are on the defensive as well. The December 2016 contract is a half-tick lower near 99.05 (0.95% implied 3-month yield), while the deferreds are 1-2 ticks lower out the back. Fedspeak has been a mixed this week, but leaning toward the hawkish camp with Lacker regretting a lack of a hike in September and Mester not ruling out a move as soon as November, though the markets are only giving that possibility 15% odds due to the election. There's another rash of Fedspeak Friday after the payrolls report, however, with hawkish Fischer, Mester and George outnumbering uber-dove Brainard by 3-to-1.