1 In a "Carry Trade," which specific Asian currency has historically been the most popular to borrow due to its long-term near-zero interest rates?
Answer: YEN (3 letters)
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Guess Macro — Sunday, March 15, 2026
The five questions from Sunday, March 15, 2026, with their answers. This puzzle is no longer playable; today's game is on the home page, and the last seven days can still be played in the practice archive.
2 What is the term for a market condition where the futures price of a commodity is higher than the spot price, implying a downward-sloping forward curve?
Answer: CONTANGO (8 letters)
A futures market where contracts for later delivery trade above nearer ones, so the curve slopes upward.
3 What is the term for the illegal practice of a broker executing orders on their own account before filling orders submitted by their customers?
Answer: FRONTRUNNING (12 letters)
Trading ahead of a known incoming order to profit from the price move it will cause.
4 Which financial derivative allows two parties to exchange the interest rate payments or currencies of their respective loans?
Answer: SWAP (4 letters)
A contract to exchange one stream of payments for another - most commonly fixed interest for floating on a notional amount that is never itself exchanged.
5 Which US investment bank’s bankruptcy filing on September 15, 2008, remains the largest in history and triggered a global systemic collapse?
Answer: LEHMAN (6 letters)