You are selling short a futures contract of $110,000 at a price of 115. In doing this, you are agreeing to deliver ________ face value securities for ________. What direction of a bet on interest rates into the future are you taking as a seller short?

You are buying a long $100,000 futures contract for 115. In doing so, you agree to pay ________ for ________ face value securities. What direction of a bet on interest rates into the future are you taking as a buyer long?

Show your work and explain your answers.