Srini Ramaswamy

Jay Barry is the Head of Global Rates Strategy at J.P. Morgan, while Srini Ramaswamy leads their Global Interest Rate Derivatives Strategy. They delve into the recent historic volatility in US rates markets, spurred by tariff impacts and liquidity concerns. The duo discusses the surprising stability in cash/futures basis despite declining overall market liquidity. They unravel complexities in swap spreads and analyze the unexpected drop in core CPI, exploring how these trends could influence future economic risks and Federal Reserve actions.

Srini Ramaswamy, Global Head of Rates Derivatives Strategy at J.P. Morgan, joins Ipek Ozil to dive deep into the intricacies of U.S. rates markets. They discuss the Federal Reserve’s recent decisions and impactful comments from Chair Powell. The conversation highlights the implications of maintaining policy rates amidst inflation and labor dynamics. They also navigate yield curve trading strategies, revealing challenges in carry trades and examining term premium as a vital element in gaining market insights.

Srini Ramaswamy, Global Head of Rates Derivatives Strategy at J.P. Morgan, and Ipek Ozil, Senior Derivative Strategist, delve into the dynamics of upcoming UST futures contracts. They explore how Federal Reserve policies can shape investment strategies and affect financing rates. The conversation covers the implications of forward rates on market behavior and discusses wildcard optionality in ultra-long bond contracts. Their insights into bullish and bearish perspectives on bond calendar spreads offer a compelling look at evolving market conditions.