Real growth

The US inflation derivatives market has been moribund over the past few years, with most of the activity focusing on Treasury inflation-protected securities. However, there are signs that some large US institutional investors are looking to up their allocations to inflation. Jayne Jung reports


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

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