Time is running out for fast-money short bets on eurodollar futures, with Fed Chair Janet Yellen’s congressional testimony starting Tuesday. The latest CFTC data suggest hedge funds and other speculators have been covering short bets in five-year Treasury futures, while maintaining near-record wagers that eurodollar rates will rise.
Should Yellen’s remarks fail to boost the market-implied probability of a steeper rates trajectory for 2017, starting with next month’s FOMC meeting, the resilience of fast-money eurodollar shorts may waver.
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