A few weeks ago, strategists at Barclays and Goldman Sachs advised clients to open positions that would profit because the market lost confidence in interest rate cuts. On Thursday (May 25), Barclays settled such positions and exited at a profit, while Goldman Sachs's similar positions also made a lot of profit. On May 4, Barclays advised customers to short federal funds rate futures for August 2023. At that time, the market reflected an expectation that interest rates would be cut by 14 basis points in July. On Thursday, when the same contract absorbed 25 basis points of interest rate hikes, customers who sold 10,000 contracts at the recommended level made more than $15 million.