Trading in options on US short-term interest rates heated up before and after May inflation data released Tuesday, with notable flows including apparent unwinds of wagers on Federal Reserve rate cuts later this year amid continued positioning for a pause in the hiking cycle on Wednesday.
Flows in options on the benchmark Secured Overnight Financing Rate after the inflation data included 100,000 December 2023 call spreads, consistent with an unwind or adjustment of a hedge ...
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