A one-way argument?



Inflation derivatives volumes have been surging in 2003. There’s a growing realisation among institutional investors and pension funds that inflation risk can and should be hedged. And that hedging activity in turn is driving a boom in primary market issues – the Republic of Italy’s giant €7 billion inflation-linked BTP bond issue in September, for example.

Inflation-linked bonds have been outperforming conventional bonds, and with interest rates at historic lows (apparently promising higher

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