Trading US Short Term Interest Rates Higher

Send us a message or  schedule an online review  to speak with a broker who’ll  answer questions and provide supporting links for additional information and/or verification.

For beginners see this trade, for more advanced traders see the links below.

1) Tracking these trades and/or experimenting with any potential outcome for them.

1.1) How to use this spreadsheet (5 minutes 41 seconds)

2) Four trades to capture the move higher in rates and the tools to track them.

2.1) Trade #1

Short ZQZ18 (December 2018 Fed Funds Futures) at 99.1650

100.0000   Represents a rate of 0.0000% (100.0000 – price = rate)
-99.1650    Subtract the contract entry price
0.8350%  = Markets anticipated rate for Dec. 2018 delivery at entry

100.0000   Represents a rate of 0.0000% (100.0000 – price = rate)
-97.9000    Price at the lowest anticipated rate by the Fed by Dec 2018
2.1000%   = The lowest anticipated rate by the Fed for December 2018 delivery

We’re short, positioned to capture the move lower in the ZQZ18’s contract price from 99.1650 to 97.9000. This represents an increase in the Fed Funds rate from 0.8350% to 2.1000%, the the lowest of the Federal Reserve’s expectations for this rate by the end of December 2018.

Current Chart & Quotes.  Each 0.01 change in price down = +$41.67 up -$41.67

Screenshot_9
Source Federal Reserve

2.2) Trade #2  spread trade

Long GEZ17   December 2017, 3 month deposits contract specifications
Short GEZ18  December 2018, 3 month deposits contract specifications
Entry price = 0.1050, premium to December 2017

Market’s anticipated rate hikes from Dec. 2017 to Dec. 2018 at entry 0.1050%

Minimum Fed anticipated rate hikes from Dec. 2017 to Dec. 2018 = 0.7000%

We are positioned to capture the move as the spread widens from our entry at 0.1050 to the lowest Fed target of 0.7000 by December 2019.

Current chart & Quotes  Each 0.01 = $25.00

Screenshot_24
Source Federal Reserve

2.3) Trade #3  spread trade

Long GEZ17   December 2017, 3 month deposits contract specifications
Short GEZ19  December 2018, 3 month deposits contract specifications
Entry price = 0.4250, premium to December 2017

Market’s anticipated rate hikes from Dec. 2017 to Dec. 2019 at entry 0.4250%

Minimum Fed anticipated rate hikes from Dec. 2017 to Dec. 2019 = 1.5000%

We are positioned to capture the move as the spread widens from our entry at 0.4250 to the lowest Fed target of 1.5000% by December 2019.

Current chart & Quotes  Each 0.01 = $25.00

Screenshot_32Source Federal Reserve

2.4) Trade #4  spread trade

Long  GEZ17  December 2017, 3 month deposits contract specifications
Short GEZ20  December 2018, 3 month deposits contract specifications
Entry price = 0.4500, premium to December 2017

Market’s anticipated rate hikes from Dec. 2017 to Dec. 2019 at entry 0.4500%

Minimum Fed anticipated rate hikes from Dec. 2017 to Dec. 2020 = 1.5000%

We are positioned to capture the move as the spread widens from our entry at 0.4500 to the lowest Fed target of 1.5000% by December 2020.

Current chart & Quotes  Each 0.01 = $25.00

Screenshot_31
Source Federal Reserve

3) Other US interest rate markets we trade 

Screenshot_74

4) European interest markets we trade 

Screenshot_76

5) Lowest of Fed expectations for rate hikes through 2019.  (June 2017)

6) Median Fed expectations for rate hikes through 2019  (December 2014) however the Fed has been wrong on nearly every economic forecast and literally every rate call since 2008. The standard joke is the Fed no longer stands for Federal Reserve but failed economic policy.

7) Fundamentals

7.1) For the Fed site with all press conference videos and statements

7.2) The low end of Fed expectations call for the Fed Funds rate by December 2019 of 2.90%, 2.12% below the 60 year average.

Current Fed graph 1954 through 2017

Screenshot_22Source Federal Reserve

7.3) A few articles I’ve written on rates, inflation and the Fed

7.4) The last tightening cycle

30 June 2004 1.25% contract value $5,208

29 June 2006 5.25% contract value $21,875 

Source Federal Reserve

8) Fee structure and defining overall account risk

9) Open an account for minimums of 10K to 500K USD or major currency equivalent, for account greater than 500K you can work with the majority of the firms listed on this page.

If you’d like to review this and/or other programs/markets please contact us or schedule an online review using this link, we’ll answer all your questions and provide you supporting links for additional information and/or verification.

 

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Who’s Right the Market or the Fed ?

  • The Market and Fed are telling two different stories on where rates will be, when and the validity of economic recovery.
  • The Fed says 10, 0.25% hikes by December 2018 the US market a maximum of 3, Eurozone 1 and UK  1.
  • Global equity markets now appear to be drawing the same conclusions about “economic recovery” as rates.
  • This report shows how to calculate market expectations for rates to the 0.01% though March 2026.
  • Introduces strategy to define risk on every trade and for the duration of every trading period without wasting money on option time premium to hedge.

Latest Fed guidance

  • Expect 10, 0.25% rate hikes by December 2018
  • “Economic recovery” is underway and will continue  at a moderate pace
  • Interest rates will “normalize” by 2019

Source Federal Reserve

35+ trillion in open position face value tells us

  • Expect a maximum of 3, 0.25% rate hikes by December 2018
  • Rates will not “normalize” this decade
  • True economic recovery will take far longer than than the most pessimistic of Fed guesstimates.

A-C on the chart below shows the markets expectations for rate hikes

A) In January 2013 the market was pricing in  6 , 0.25% rate hikes by December 2018, with the spread between the June 2016 (GEM16) and December 2018 (GEZ18) deliveries at 1.50, position value 3,750.00 USD

B) By November 2013, optimism for US economic recovery and rate normalization peaked with the market pricing in 10, 0.25% rate hikes with the spread at 2.50, position value 6,750.00 USD

C) Current rate hike expectations have dropped to less than 3, 0.25% hikes,   with the spread at 0.6250, position value 1,562.50 USD

D) If the market had faith in the  Fed’s projections  the spread between the June 2016 (GEM16) and December 2018 (GEZ18) deliveries would be 2.50 reflecting the Fed’s expected 10, 0.25% hikes, position value 6,250 USD.

Screenshot_2
Current chart

How to calculate the market’s expectations to 0.01% through March 2026

Use the quotes on this Exchange page

To convert the contact delivery price into rate it represents take 100.00 – contract price = the rate.

Example, 100.00 – the December 2016 contract price of 99.17 = an expected rate of 0.83%.

To calculate expected rate increases between delivery months take the nearby delivery  minus the forward delivery equals the expected rate change between the delivery months.

Example, June 2016 delivery trading at 99.3350 – December 2016 at 99.1700 = the expected increase in rates from  June 2016 to December 2016 = 0.1650%.

Screenshot_46

What U.S. price action tell us.

  • The market’s perception of economic recovery is far worse than the Fed’s.
  • Rates will not “normalize” during this decade.
  • Fed and US fiscal policy makers creditability with the market is at a low

Eurozone market expectations are worse. 

A) In January 2013 the Eurozone  expected an increase in the 3 month Euro Interbank Offered Rate (EuriBor) between June 2016 (IMM16) and December 2018 (IMZ18) of 0.6000%, position value 1,500.00 EUR

B) By November 2013 optimism for Eurozone economic recovery and rate normalization peaked with an expected increase in the EuriBor rate between June 2016 (IMM16) and December 2018 (IMZ18) of 1.10%, position value 2,750.00 EUR

C) Currently optimism for Eurozone economic recovery and rate normalization has hit a low with an expected increase in the EuriBor rate between June 2016 (IMM16) and December 2018 (IMZ18) at 0.10%, position value 250 EUR.

Screenshot_6
Current chart

Converting the contact price into rate increase/decrease and between delivery months works the same as the US.

Use the quotes on this Exchange page  to calculate today’s Eurozone rate expectations through March 2022

Screenshot_23

3 Month EuriBor price action tells us

  • The EuriBor rate is expected to move 0.0350% lower during 2016
  • The market sees only a 0.0700% rate increase between now and December 2018
  • The EuriBor rate will remain negative through December 2019
  • Eurozone rates will not “normalize” this decade

United Kingdom, nearly the same

A) In January 2013 the UK market action expected an increase in UK 3 month rates between June 2016 (LZ16)  and December 2018 (LZ18) of 1.20%, position value 3,000.00 GBP.

B) By January 2014 optimism peaked with the market  at 1.60%, position value 4,125.00 GBP.

C) Currently  UK market action says a 0.30% increase, position value 750.00 GBP.

Using the quotes on this exchange page conversions and expected increase/decrease work the same as the U.S. and Eurozone.

Screenshot_8

What the Global Stock markets telling us about “economic recovery”

Let’s skip all the subjective fundamental economic over analysis and look at the big picture  price action. Price action is telling us uncertainty and doubt about economic recovery has now spread into the global equity markets.

S&P 500 traded at the CME

On the 16 year S&P chart below note the current volatility relative to the overall rate of change, The monthly moving average (green) has been violated, the majority of the price action is now below the moving average.

Does this market look like it’s in a healthy up trend to you?

Screenshot_15
Analysis Page

DAX traded at EUREX 

Increased volatility relative to the overall rate of change, the DAX has broken below the monthly moving average (green), the majority of the price action is now below the moving average and the long term trend appears to be changing from up to down.

Screenshot_18
Analysis Page

Nikkei 225 traded at  JPX

Increased volatility, the market has broken below the monthly moving average (green), the majority of price action now remains below the moving average, the long term trend appears to be shifting from up to down.

Screenshot_20Analysis Page

Survival

  • Put opinions aside, trade with the trend, long or short
  • Learn new markets and strategies.
  • Trade whatever market/sector has the highest return on risk
  • Define your risk on your trades and for the duration of the trading period without wasting precious investment capital on option time premium to hedge risk.

One example of defined risk trade using the Euro Stoxx 50 traded at EUREX

Looking at the chart below is it really that hard to identify the current daily trend using the moving average (green) ? We’ve seen the break  below the daily moving average with the majority of current price action now below the average.

Screenshot_7
Analysis Page

On the weekly, break below the moving average (green) the majority of the price action now below the average.

Screenshot_17
Monthly,  break below the average (green) with the majority of the price action below the average.

Screenshot_71
Analysis Page

The daily, weekly and monthly charts tell to short

Let’s check this conclusion against some common technical indicators

Screenshot_48
Analysis Page

Eurozone rate expectations sum up the economic fundamentals.  The EuriBor is pricing in lower rates during 2016 moving from the current negative 0.2550% to negative 0.2900% by December 2016. EuriBor traders are telling us loud and clear true economic recovery isn’t expected for the Eurozone in 2016.

Structuring a defined risk trade shorting the Euro Stoxx 50

A) Short the Euro Stoxx 50 at 3,000, position value 30,000 EUR
B) Write the 2,800 put collecting premium
C) Using the collected premium purchase the 3,200 call to hedge the short position

Screenshot_70
Exchange quotes

Trade Summary

  • Risk is defined on the trade and for the duration of the trading period
  • This trade cannot be stopped out regardless of market volatility, the only thing needed to be profitable is anticipating the market’s overall direction correctly.
  • The trade can be liquidated at any time ,  you do not need to hold the position to expiration.
  • The only way the 3,000 short can be pulled away is at a 2,800 generating a gross profit of 2,000 EUR.
  • If the market reverses and rallies to 3,800 losses above 3,200 are hedged by the 3,200 call with losses limited to 2,000 EUR.
  • If the market stays the same and you’ve structured your trade correctly you should break even as  you’ve collected as much time premium on the 2,800 put write against your 3,000 short as you’ve paid out for the 3,200 call  to hedge.

Effective “option collar” strategies are not limited to the international futures markets they can be employed in any market that has underlying option liquidity.

Examples

Baxter International Inc (BAX) – NYSE, Bank of America Corporation (BAC) – NYSE, General Electric Company (GE) – NYSE, SPDR S&P 500 Trust ETF (SPY) – NYSEARCA, iShares MSCI Emerging Markets ETF (EEM) – NYSEARCA, SPDR S&P Metals and Mining ETF (XME) – NYSEARCA, Pfizer Inc. (PFE) – NYSE, Apple Inc. (AAPL) – NASDAQ, SPDR Gold Trust ETF (GLD) – NYSEARCA, iPath S&P 500 VIX Short-Term Futures ETN (VXX) – NYSEARCA, Market Vectors Gold Miners ETF (GDX) – NYSEARCA, Ford Motor Company (F) – NYSE, Financial Select Sector SPDR ETF (XLF) – NYSEARCA, iShares China Large-Cap ETF (FXI) – NYSEARCA, Shares Russell 2000 ETF (IWM) – NYSEARCA,

Let’s take a look how a “collared” position protected me in Apple AAPL

I’m sure I wasn’t the only one caught long Apple AAPL  at 130 USD in July 2015

I made the mistake of getting too attached to being long this stock from 75.00 USD and stayed long in July 2015 at 130.00 USD despite the daily trend telling me it was questionable.

Screenshot_56

The weekly trend was telling me I was wrong

Screenshot_58
The monthly still appeared up with only a few “bumps” against the moving average and no sustained price action below the average.

Screenshot_59

The technical indicators continued to deteriorate

Screenshot_69

Rather than reverse to short or liquidate my Apple position I maintained my long hedging it up with a collar shown A-C on the chart below.

A) At the time I put down the collar AAPL was at 129.62 USD
B) I wrote the 140.00 1 month call against my long
C) Using the collected premium I purchased the 120.00 put

Screenshot_61
Price action got ugly quick and the market broke hard eventually taking out 110.00 USD which was disappointing but tolerable as I had my 120.00 put hedge in place negating any losses below 120.00.

I delivered my longs at 120.00, had I not “collared” this position it could have been far worse, AAPL eventually violated 95.00 USD  on that run lower and has not seen a sustained move above 120.00 since.

Screenshot_62

This Apple trade was yet another refresher course for me not getting too “attached” to a stock,  to pay attention to price action and not fight market momentum.

If you’re attached to your long shares or index positions (as I was too apple)  you too might want to take a good hard look at the current price action and start “collaring up” positions to prevent a financial character builder.

I don’t think anyone knows for sure where the peak will be for the S&P 500 and Global equity markets.

Screenshot_85

What we do know for sure is when the S&P 500 and Global equities break the financial  impact can be worse than a divorce and five kids in private school.

Screenshot_84

Using “collars” to control risk on my short to intermediate directional trades has cut my stress level on these trades by 70%. 

 Additional information

3 month rates or Eurodollar deposits are time deposits denominated in U.S. dollars at banks outside the United States. (There is no connection with the euro currency ). The term was originally coined for U.S. dollars deposited in European banks, but it’s expanded over the years to its present definition-a U.S. dollar-denominated deposit in any non US bank for example Tokyo or Beijing would be deemed a Eurodollar deposit. Futures open interest (contracts outstanding exceeds 10 trillion,

Euribor is short for Euro Interbank Offered Rate. The Euribor rates are based on the average interest rates at which a large panel of European banks borrow funds from one another. The Euribor rate is considered to be the most important reference rates in the European money market. The interest rates do provide the basis for the price and interest rates of all kinds of financial products like interest rate swaps, interest rate futures, saving accounts and mortgages.

Short Sterling prices are based on the British Bankers Association London Interbank Offered Rate (LIBOR) for three month sterling deposits in units of 500,000.00 GBP. 3-Month Sterling Futures are traded on the London International Financial Futures and Options Exchange, part of NYSE Euronext. Each contract is for Interest rate on three month deposit of £500,000 of 3-month Sterling.

The Standard & Poor’s 500, often abbreviated as the S&P 500, or just “the S&P”, is an American stock market index based on the market capitalizations of 500 large companies having common stock listed on the NYSE or NASDAQ. The S&P 500 index components and their weightings are determined by S&P Dow Jones Indices. It differs from other U.S. stock market indices, such as the Dow Jones Industrial Average or the Nasdaq Composite index, because of its diverse constituency and weighting methodology. The “Composite Index”,as the S&P 500 was first called when it introduced its first stock index in 1923, began tracking a small number of stocks. 3 years later in 1926, the Composite Index expanded to 90 stocks and then in 1957 it expanded to its current 500. S&P 500 futures trading began in 1988, e-mini contract 1997.

The DAX (Deutscher Aktienindex (German stock index)) is a blue chip stock market index consisting of the 30 major German companies trading on the Frankfurt Stock Exchange. Prices are taken from the Xetra trading venue. According to Deutsche Börse, the operator of Xetra, DAX measures the performance of the Prime Standard’s 30 largest German companies in terms of order book volume and market capitalization It is the equivalent of the FT 30 and the Dow Jones Industrial Average.

The Nikkei 225, the Nikkei Stock Average is a stock market index for the Tokyo Stock Exchange (TSE). It has been calculated daily by the Nihon Keizai Shimbun (Nikkei) newspaper since 1950. It is a price-weighted index (the unit is yen), and the components are reviewed once a year. Currently, the Nikkei is the most widely quoted average of Japanese equities, similar to the Dow Jones Industrial Average. The Nikkei 225 Futures, introduced at Singapore Exchange (SGX) in 1986, the Osaka Securities Exchange (OSE) in 1988, Chicago Mercantile Exchange (CME) in 1990, is now an internationally recognized futures index.

The EURO STOXX 50 is a stock index future of Eurozone stocks designed by STOXX, an index provider owned by Deutsche Börse Group and SIX Group. Its goal is “to provide a blue-chip representation of Supersector leaders in the Eurozone”. It is made up of fifty of the largest and most liquid stocks. The index futures and options on the EURO STOXX 50, traded on Eurex, are among the most liquid futures contracts in the world

Countdown To Higher U.S. Interest Rates

1) Fed expectations for the Fed Funds rate through December 2017

Average Fed expectations for the Fed Funds rate (1:59)

Lowest of Fed expectations for the Fed funds rate & the first hike since June 2006  16 December 2015 (1:46)

2) CME probability for a US rate hike and when

3) What the Fed Funds rate is, it’s history and how this rate is set

Trading the Fed Funds rate higher requires establishing a short position in the underlying futures contract. As the rate rises the contract price falls to reflect the increase in rate.

To convert the contract price into the rate it represents
Take 100.00 – the contract price = the rate
Example 100.00 – a contract price of 99.46 = a rate of 0.54%
Each 0.01 change in price = $41.67
Contract value at 0.54% = $2,250

4) One easy trade to follow

Trade
Short the CME December 2016 Fed Funds futures contract (ZQZ16)
Price = 99.46
Contract value = $2,250
Rate = 0.54%

Objective
The Fed’s target by 31 December 2016
Objective price = 98.20
Rate = 1.80%
Contract value = $7,500

5) We have 10 Federal Open Market Committee meetings between now and 31 December 2016.

6) Click here to enlarge the Dec. 2016 delivery rate, price, contract valuation chart below
7) Current chart and quotes

8) To experiment with any potential outcome for this trade.

9) Click here and open the interactive risk reward spreadsheet

10) Contact me if you’d like to review any of the spreadsheets enabling you to experiment with any potential outcome for any trade or your own risk/reward criteria.

11) FOMC meeting schedule for setting the Fed Funds rate

12) Inflation Target Of 2% To Become The New Barometer For Further Rate Hikes

Additional trades/spreadsheets

13)  3 Month Rates March, June December Fed Funds March hedge
14)   Fed Funds December 2016 2
15)   Fed Funds March 2016 S 99.74 (no hedge)
16)   Fed Funds December 2016 S 99.46 (no hedge) 100K
17)   Fed Funds December 2016 S 99.46 (no hedge) 10K
18)   Trading 3 month rates higher through December 2016
19)   3 Month Dec 2017 S 99.70 (no hedge)

20)  3 Month put weighted vol spread Dec 2017
21)  3 Month vol spread Dec 2017
22)  3 Month vol bear spread no hedge Dec 2017
23)  3 Month GEH-M-Z-201616 Fed Funds ZQ-H16 10.05.2015

Fed Funds 1954-2015 cash market and historical price data

25) Click here to enlarge the rate, price contract valuation chart below.

26) Click here for a current chart and the 1954-2015 historical price data

27) The last Fed tightening cycle 2004-2006 from 1.00% to 5.25%

28) Why the Fed hasn’t raised rates (3:04)

Source CME Group

Regards,
Peter Knight Advisor

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Review Links

Reports

171) Deposit rates relative to BLS.GOV inflation
170) US China Trade War Update
169)
Interpreting the U.S. Bond Rally

168) Trading Rates Higher 201806
167)
Identifying The Trend Change In Gold
166)
US Economic Reality 2000-2018
165) Performance summary
164) Track us trading rates higher through June 2018
163) Platinum Gold Spread
162) SeekingAlpha 20 November 2017 Update
161) Trading rates Higher March 2017
160) SeekingAlpha 15 November 2015 Recommendations
159) Collars and Deltas
158 )Educational videos
157) Segregated Accounts
156) Trading Apple Using Defined Risk Strategy
155) +98.63% trading US short term interest rates higher, 13 March 2017
154) +80.16% Trading Interest Rates Higher, 19 January 2017
153) Common Mistakes System Traders Make
152) The pounding in the Pound is the US dollar next?

151) Capturing The Move Higher In The Fed Funds Rate
150) Trading with Collars
148) Market Versus Fed Expectations For Rates
147) 1933-1939 Versus 2008-2016
146) What is Banqiao Banking Policy? 
145)  US Consumer Price Index Fact or Fiction?
144) Oil: Trend Insights from Futures and Options
143)  Who’s right the Market or the Fed?
142)  Recession slang
141)  The Sad Story of the Hunt Brothers
140)
  The only solution left for US Treasury debt crisis
139) 
Strategy to deal with rising rates over the next 36 months
138)  Last Fed guidance as to where the Fed sees rates and when
137)  FOMC meeting schedule to set US rates
136)  The last tightening cycle 2004-2006 1.00% to 2006 5.25%
135)  What the Fed Funds rate is and its history
134)  Capture the move higher in the Fed Funds rate
133)  What the 3 month rate is and its history
132)  Capture the move higher in 3 month rates
131)  Hedging Treasury Risk
130) Trading the Fed’s defined range in the Fed funds rate
129) The US versus China using the Fed’s numbers
128) How China’s race to reserve currency status will rock markets
127) The Chinese currency to become more important globally
126) China: Renminbi/Yuan becomes an IMF reserve currency
125) Bernanke and the “Great Recession”
124) Why U.S. inflation is so “contained”
123) Trading the S&P 500 using collars
122) Countdown to higher rates
121) CME interest rate contracts
120)
Current interest rate news last 24 hourslast weeklast month

Risk Reward Spreadsheets

111) Option Write Spreadsheets
110) Capturing the move higher in rates Short Dec 2016 – 99.46

109) Trading the Fed Funds rate
108) Fed Funds Outright (no hedge)
107) Fed Funds (no hedge) 100K
106) Fed Funds  (no hedge) 10K
105) Trading 3 month rates higher
104) 3 Month  (no hedge)
103) 3 Month put weighted vol spread
102) 3 Month vol spread Dec 2017
101) 3 Month vol bear spread no hedge Dec 2017
100) 3 Month GEH-M-Z-2016 Fed Funds ZQ-H 2016 10.05.2015

Fed Charts & Supporting Links

88) US deposit rates versus the CPI
87) US bank borrowing cost to lending rate
86) US annual budget deficits
85) US debt to tax receipt growth
84) US median priced home
83) US debt to GDP ratio
82) US trade deficits
81) Emergency purchases of US debt by the Federal Reserve
80) US debt to personal income ratio
79) US debt to employed population
78) US debt to hourly earnings
77) US mortgage delinquency
76) US debt to GDP ratio relative to China
75) US growth ratio relative to China
74) US trade deficits relative to China
73) USD against China’s currency (Renminbi)
72) US Versus China’s short term interest rates
71) Offshore Chinese Renminbi Market (CNH)
70) Chinese Renminbi/USD Futures
69) Chinese Renminbi/USD Quotes
69) US credit rating versus other countries
68) US Treasury debt held by non US investors
67) Treasury auction basics
66) US debt service cost to tax receipts
65) CPI using pre 1980 & 1990 calculations

64) CPI ABC chart
63) Current CPI ABC chart
62) Why inflation does not match the true CPI
61) US Debt, Tax receipts and CPI
60) Tax receipts. median home, M1, gold, CPI
59) The last tightening cycle
58) Fed funds contract valuation chart
57) Current Fed funds chart and all historical data
56) US FEDERAL DEBT 1966 to 2019
55)
US Debt service cost

54) Federal debt to debt service cost
53) Bloomberg Fed funds quotes
52) CPI using current calculation methods
51) CPI using the Fed 1990 calculation methods
50) BLS.GOV “official CPI
49) Federal debt, M1 and CPI

Resources

16) Chicago Mercantile Exchange rate commentary
15) CME interest rate contracts
14)  Videos
13)  Educational material
12)  Getting started CME
11)  Real-Time Trading Simulation
10)  Bloomberg Live

9)    Reuters
8)    Washington Post
7)    MSNBC
6)    CNN
5)    The Financial Times
4)    CBS Market Watch
3)    Current key rates
2)    Economic calendar
1)   
Review 2

Peter Knight
Advisor

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