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Suppose you see Citibanks USD-denominated 5-year interest rate swap numbers quoted at 4.15% bid and 4.25% ask. Mary tells you that the relevant fixed-rate in

Suppose you see Citibanks USD-denominated 5-year interest rate swap numbers quoted at 4.15% bid and 4.25% ask. Mary tells you that the relevant fixed-rate in the swap she just entered into is 4.25%. Did Mary buy or sell the IRS she just entered?

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