I wanted to start a discussion about the Eurodollar curve 1 year out, as I find it rather strange. I only trade them occasionally when I feel like putting on a position, and the last few days I've entered a fly where I'm short U0, long Z0 and short H1 with a 3-6 month horizon. If the curve stays inverted until next spring, then the U0/Z0 should gain more than the Z0/H1 should lose. Or, if the market shakes of recession fears then the H1 and the further out contracts should yield much more than now. Would be interesting to hear thoughts from others about this. What does this blip (Z0) tell us?