Tuesday, April 21, 2015
General Admission to Today’s Trade Leaves Many Good Seats Open
Treasuries and Eurodollars are slightly higher in early trade as markets digest a bit more concern for the Greek tragedy. Talk of additional collateral impairments against securities used by Greek banks for borrowings from the Bank of Greece has brought back to the front burner the issue that was given rest yesterday.
The Eurodollar futures yield curve is flatter by a mild 3 bp over the first 8 years. This curve had steepened by more than this in undulating fashion yesterday on very light volume. The Treasury curve is relatively unchanged in 5-30 at 124 bps after having widened 3 bps yesterday.