“When we talk about rates-related volatility, you have to remember that a lot of people in the seats have five, 10 years at most, trading experience,” a head of rates trading tells Euromoney at the London offices of a bulge-bracket US bank. “Probably 20% of my desk traded pre-crisis.”
In the first quarter of 2017, markets reacted to fast US economic growth, rising rates and other macro factors. Headlines from that period abound with proclamations that volatility had finally returned to markets, slaking the thirst of flow-parched traders and drowning unprepared investors.
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