Buy-side rates traders staying on sidelines after wild October

Funds cautious after staggering collapse of the year’s steepener trade


Once bitten, twice shy. After steepening for much of the year, yield curves globally have flattened sharply since early October, inflicting heavy losses on scores of funds. Now, even if some on the buy side think the squeeze on spreads has gone too far, most are sitting on their hands, loath to put on new steepener trades.

Thomas Pluta, global head of linear rates trading at JP Morgan, says position risks have been drastically reduced across the industry due to high levels of volatility and

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options


Want to know what’s included in our free membership? Click here

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here