With a rate cut (or two, or three) by the Fed in the coming 6 months now almost universally accepted by the market (with the exception of Goldman Sachs) if perhaps not the Fed quite yet, rates traders are already speculating on what happens next. And as Bloomberg's Edward Bolingbroke notes, Eurodollar futures traders, having already decided that a cut is coming, are already looking beyond the expected easing cycle in "search of their next edge" - when will the Fed resume hiking. This can be seen in the back end of the eurodollar strip, which is starting to re-steepen, pricing in a chance of rate hikes as soon as ... (full story)