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Joseph Wang & Alex Etra: Trillion-Dollar Liquidity Drain Imminent
Forward Guidance
The Opposite of the Commitment of Traders Shorting Futures
The people who are long are largely directional, whereas the people who are short, it's an arb. They're short against a cash position. And if you look at the path of Fed policy that's being priced into short interest rate futures, everyone's like either everyone's a word for downside risk, right? That's why they're pricing in a lot of Fed cuts later in the year. So that seems consistent to me with people more afraid of lower inflation or something like that.
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