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There is a lot more going on here than just one, no two, now three banks.

Eurodollar University

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The Federal Reserve's Inversions of the 1970s and 1980s

Markets are priced as they are with inversions at the most that we have seen in 40 years. The highest rate now is just barely above 5%. They look at some of the treasury bills where the inversion starts. So you've got massive inversion from a low nominal level.

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