Inflation hedges flat among US funds, while payers surge

Counterparty Radar: Total inflation-receiver positions inched up in Q1, while inflation-paying books leapt 44%


As the inflation debate rumbled on through last year – short-lived spike, or scary new era? – inflation swap books at US mutual funds gradually shrank. Then, in the first quarter of 2021, they suddenly rebounded, and inflation hedges weren't driving the growth, according to analysis of the sector’s regulatory filings.

Between them, US funds reported $26.8 billion of inflation swaps in the first quarter, up $3.7 billion on the previous quarter – a 16% increase that took the collective

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