Interest rate swap activity surges ahead of Fed tightening

Counterparty Radar: Managers react to fastest rise in inflation in three decades

US interest rates

US mutual funds continued to add to their interest rate swap holdings, which grew to approximately $640 billion in notional value during the third quarter of the year.

The current expansion, which began in Q3 2020, comes as fund managers grapple with the fastest rise in inflation in three decades. The US Federal Reserve is widely expected to raise interest rates in 2022.

Pimco remained the largest interest rate swap user among mutual funds in Q3, accounting for half of all trades disclosed to

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