Given today's market environment where the Federal Reserve is raising rates aggressively, a Singaporean portfolio manager had shorted a bond portfolio worth $5 million However, he is worried that the Federal Reserve might start reducing interest rates soon due to an impending recession. Using the T-bond futures contract, show the steps that the portfolio manager should take to protect his portfolio over the next four months. The portfolio has a duration of 6.6 years in October. The January Treasury bond futures price is currently 91-25 and the cheapest-to-deliver bond has a duration of 9.2 years at maturity. Each T-bond futures has a $100,000 face value