Looking at trading in eurodollar contracts after the long weekend and the Non Farm Payrolls release. The June-December calendar spread points to a slight paring in rate cut bets, however, market still sees circa 3x25bps of rate cuts by year-end
Preceding the U.S. bank crisis, eurodollar calendar spreads had completely stood neutral after resilient inflation and a strong labour market supported a higher peak in rates. The following developments pushed traders to price in 100bps of cuts in March 24th
We're off these levels, and despite the upside surprise in March Non Farm Payrolls, investors expectations of policy easing as soon as this year remains steady

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