This is all starting to look very familiar and predictably so:
Especially this:
It is utterly extraordinary that the June 2023 eurodollar futures contract closed trading at 98.00, much less than on February 11 and a collapse of more than 150 bps in anticipated 3M LIBOR seven years in the future just since last July. It is, again, entirely anticipated given the “ticking clock” and its increasingly synchronized Asian hands.
Maybe even enough to bring back oil?
