Real growth



The US inflation derivatives market has seen many false dawns since 2001, when the asset class was still in its nascent stages. Each year, at least one derivatives dealer boldly predicts stellar growth in inflation swaps. Each year, it proves to be wildly optimistic.

US investors have so far stubbornly stuck to bonds to get their inflation fix. Treasury inflation-protected securities (Tips) represent a hefty $420 billion-450 billion of the $1 trillion global inflation-linked bond market - but sw

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