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Seems underpriced but I could see a situation where it is 0 or 25bp or much more than 50bp if the economy goes sideways. I didn't even know about this market. I might have to make a couple bets.
I also don't see 2 rate cuts coming. 25 bp is all we'll see.
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A year of economic turmoil is a long time and making so many changes could trigger a pretty large correction at some point.
Still, I also think 25 is more likely than 50.
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I had been in on 25bps already, because 0 seemed very overpriced at almost 60%.
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