Traders are so fixated on the coronavirus that, in the absence of compelling reasons to do otherwise, they’re piling into hedges in case the contagion is a disaster for the global economy. Much of the activity involves bets that the Federal Reserve will feel increased pressure to reduce interest rates. A flurry of eurodollar options trades emerged this week that profit if the central bank delivers more than the one-to-two quarter-point cuts already priced in for 2020. During the holiday-shortened week ahead, there’s little in the calendar of events that looks likely to pull investors away from virus headlines. “The ... (full story)