Bloomberg’s Cameron Crise flagged up this discussion earlier today,Since I am trying to understand how Overnight index swaps work and their meaning I figured I would write it up.

Below is the 30 year OIS which is at 3 year lows and trending lower ,if I Understand correctly this is what the market expects the Average Fed Funds rate to be over next 30 years.I don’t know yet if this is predictive or reactive A bit more research is needed. Either way both of these metrics are well below the fed funds rate of 2.125 and market saying lower rates ahead