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The Dynamic Push and Pull of Eurodollar Futures
Commercial traders of the Eurodollar futures, they're the big banks who are laying off their interest rate. From depositors and from loans they've made by putting that in the futures market so they can de-risk it and hedge that. This relationship didn't work before about 1997. It's become much more of a factor for liquidity in the markets probably over 20 years than it was before that.