"Let me tell you something. I’m from Chicago. I don’t break.” Barack Obama
The moving parts of Chicago futures deliveries help reveal dollar liquidity conditions
This post attempts to answer the mystery of why the ‘ dog didn’t bark’ at the end of Q4 2022, outlined in the post ‘A curious incident’ of 17th January.
Bond futures short positions, traded on the Chicago Mercantile Exchange, create liquidity ‘pinch-points’ through the coincidence of window-dressing by dealer/banks …
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