Bearish Money-Market Wagers at Record Before Fed Meeting: Chart

Speculators in the world’s most actively traded money-market futures are positioning for further interest-rate hikes after Wednesday, when the Federal Reserve is expected to conclude its two-day policy meeting by raising its benchmark to between 0.5 percent and 0.75 percent. Hedge-fund managers and other large speculators have a record net-short wager on Eurodollar futures, whose prices fall when money-market rates rise, according to Commodity Futures Trading Commission data as of Dec. 6.

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