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Something Perturbs 'Dollar' Funding

By Jeffrey P. Snider

Oh Europe. I have a growing sense that US credit markets are repeating the leadup to last October 15, though there isn't any obvious expression of any such illiquidity (at the moment). For one thing, the eurodollar curve has taken the FOMC's bluffs in complete stride, in fact doing the exact opposite as you would expect of a very close change off ZIRP. That was evident last week when at the release of the latest policy statement investors bought eurodollars everywhere instead of selling the curve. A week later and the curve remains in such a…