FED giữ lãi suất ổn định, vị thế ngắn 5 nghìn tỷ USD được đóng lại

The Huoxing Finance report states that on July 31, the Federal Reserve maintained its interest rate unchanged at 3.5%-3.75%, prompting the rapid unwinding of large hedging positions built on expectations of a rate hike. Data shows that open interest in August federal funds futures briefly surpassed 1 million contracts for the first time in history, representing approximately $5 trillion in notional value. After the announcement, CME data indicated a reduction of about 140,000 contracts in open interest; the net short positions previously accumulated by leveraged funds reversed, causing August federal funds futures prices to surge rapidly and turning short bets on a hike into losses. Earlier, market expectations had pushed the probability of a July rate hike close to 50%, but as newly appointed Fed Chair Kevin Warsh did not signal any intention to raise rates, these trades quickly cooled down.