Took my smooth brain a little while to understand the chart.
With April and May contracts trading lower than June, I think that means the market now thinks there will be a recession very soon with rate cuts.
Discussion
Thank you Sir! That also what I’m seeeing. I’m still baffled how Jeff correlates Eurodollar futures/LIBOR rates to US CDS though… hopefully he’ll explain further on his podcast this week 🙌🏽