I wanted to bring this video I recorded back to the forefront of things because it contextualizes WHY understanding interest rates is so important. I would encourage you to review it and review the interest rate primer (link)
The remainder of this report zooms in on the short term positioning in SOFR, ZN and crude. I laid out the risk-reward and tension for bonds here:
I want to expand on this and zoom in specifically to how the SOFR contracts are pricing cuts and how this relates to crude.
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