I wonder if this is people giving up on LIBOR transition or just hedging out the massive amount of issuance that is coming down the pike.
An encouraging sign for CME - Eurodollar futures activity is picking up. Open interest for the exchange's largest market is highest since mid-June:pic.twitter.com/2mTFRFKsrP
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I think its more the latter - OI coming back after Fed COVID reaction flattened the yield curve w/issuance still growing.
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Do you have a longer time series of this to know how it compares to pre-Fed ZIRP policy?
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I do - huge activity in March becomes a slow bleed lower w/a flat yield curve, now rebounding:pic.twitter.com/muTvSZWj0O
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