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What Chairman Ahearn said.
But also- you’re looking at generic front month contracts (which you shouldn’t really do for ED futures, you wanna look at the curve and look out further like ZQ Fed funds futures). June contracts expire I think next week. Libor is sitting at like 0.13% so those contracts need to close up ang gap before expiry.
And also just eyeballing but looks like the rally youre pointing to is front end rate “rally” that started after the most embarrassing payrolls miss jn Wall St history, avg estimates over 1 million, 200k actual (Jefferies was street high at > 2 million, or missing by 10x.)