Core Insights - A significant block trade occurred last Thursday involving 40,000 contracts expiring in November, betting that the average Secured Overnight Financing Rate (SOFR) will be less than 9 basis points higher than the expected federal funds rate [1] Group 1 - The trade indicates a shift in market sentiment, reflecting increasing expectations that the Federal Reserve will announce the end of Quantitative Tightening (QT) following its policy meeting this week [1]