Euro$ interest rate futures are mostly lower
Euro$ interest rate futures are mostly lower as the rate complex remains defensive despite another round of opening declines on stocks, as tax cut plans offered by the House and Senate remain apart. Fedspeak remains on hiatus for now, though Fed Chair Yellen has been invited take part in an ECB conference on policy communications from Frankfurt Tuesday, after Philly Fed's Harker discusses the balance sheet on Sunday. The December 2017 contract is flat at 98.47 (1.53% implied 3-month yield), with the deferred contracts 1.0-6.5 ticks lower out the curve. Regardless of potential corporate tax cut delay, markets are still banking on some sort of tax reform by year-end, leaving binary risks high in the event of disappointment or a surprise reform windfall.