US mutual funds retreat from inflation hedges

Counterparty Radar: Volumes down 44% as Pimco slashes positions; Western Asset and JP Morgan buck the trend

Hedging-against-inflation

US mutual funds cut their inflation swap positions by $12 billion in the first quarter, as central banks stepped up their fight against soaring prices.

Inflation swap positions totalled approximately $17 billion – the lowest recorded since early 2020, when Risk.net began collecting this data – down significantly from the roughly $29 billion traded at the end of 2021. (The full figures are available on the Counterparty Radar platform.)

The majority of outflows were from fixed-rate payer

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