Investors zero in on short-dated options to trade US inflation prints

But critics say 0DTE products are increasing volatility around CPI announcements


Investors in recent months have been piling into short-dated options as they try to speculate on, or hedge against, market moves driven by US inflation.

During the final quarter of 2022, volumes of zero-day to expiry (0DTE) S&P 500 Index options started to spike on days when the US government published its monthly Consumer Price Index (CPI) data, which measures changes in the prices of goods and services.

When CPI figures were published on October 13, volumes of the 0DTE options had reached 2

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