What signal? The largest-ever futures trading in the US short-term interest rate market occurred
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On Wednesday, the U.S. short-term interest rate market saw the largest futures trading volume in history, with about 118,000 contracts changing hands. Analysis suggests that this may reflect investors' expectations of future Fed easing policies being lower than market expectations, or profit-taking. The trade is linked to the Secured Overnight Financing Rate (SOFR), indicating market expectations of future rate cuts. The Chicago Mercantile Exchange confirmed that this was the largest trade for the product, and the SOFR benchmark price dropped significantly after the trade
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