Trader May Have Netted $20 Million on Fed Policy Bet

The market for U.S. short-term interest rates has been abuzz this week with talk of a hawkish bet on Federal Reserve policy that may have netted a profit of more than $20 million. An unidentified investor amassed the position — a multi-legged options structure in eurodollars — in the first half of 2016 and exited it Wednesday in the hours before the Fed’s decision to keep rates unchanged, traders say.