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Fear grips markets as participants realize nothing was fixed from last month.
Major buying the curves has pushed them back down to and even below the worst points since mid-March. Markets have never been more certain about what's coming and why. Since eurodollar futures are no more, we'll have to depend on 3-month SOFR futures from here on. And right here they're beyond pessimistic.
Eurodollar University's Money & Macro Analysis
Bloomberg: Hedge Funds Place Biggest Ever Short on Benchmark Treasuries
https://www.bloomberg.com/news/articles/2023-04-24/hedge-funds-place-biggest-short-ever-for-benchmark-treasuries?leadSource=uverify%20wall
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