If you expect the U.S. short-term interest rates to move up, you should long a CME LIBOR contract long a CME Eurodollar futures short a CME LIBOR contract short a CME Eurodollar futures If you expect the U.S. short-term interest rates to move up, you should long a CME LIBOR contract long a CME Eurodollar futures short a CME LIBOR contract short a CME Eurodollar futures