Interest rate futures are mainly used for hedging: ① I intend to buy bonds, and I am worried that the interest rate will fall, which will lead to an increase in bond prices; (2) The borrower who pays interest at a fixed interest rate is worried that the interest rate will drop, resulting in an increase in the cost of capital1; (3) Lenders of funds are worried that the interest rate will drop, which will lead to the decline of loan interest rate and income.