Can someone explain the movement of the Eurodollar futures market after the recent Fed hike?
I Was thinking of placing some money in the Eurodollar futures market, I'm based in Europe so my precious EUR savings have been eaten away with inflation so thought being long (now stronger) dollars, backed by a CB belatedly serious about inflation, would be a good bet.
I checked Bloomberg terminal in work however and saw the yield had spiked on them (from around 0% to nearly 5% last time I checked). Thought it would go the other way as you would be getting stronger dollars on maturity? Clearly my thinking is wrong so could anyone provide an explainer to this move as it seems the market reacts in the opposite way to what I thought.
Thanks in advance
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