We haven't looked at the TED spread for a while but on Friday we had a good and proper breakout to the upside in the TED which was unusual giving that another European country was being downgraded.
Trading the Sep12 Euribor it implies the futures are pricing in with very high probability another rate cut by the ECB. The Schatz seems to have found a ceiling around the 110.40-45 level. Watch for further details.
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