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| **** what even is normal?
But I would guess this is what more normal swap action should look like
I mean there’s a big discrepancy here. These are for September 2026
Either the swaps matter. Or they don’t. Being as swaps have blown up the markets before (2008) I’m assuming they matter.
And if they matter then when you see outlier numbes, they should really matter.
(IMG_8516 (full).png)
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