Hedge funds, pinning little hope on central banks' attempts to cool inflation, are spotting ways to profit from climbing interest rates.
Colin Lancaster, global head of discretionary macro and fixed income at Schonfeld, favours selling interest rate futures based on the cost of borrowing in the Secured Overnight Financing Rate , a benchmark interest rate.
"Concern now for markets is that reacceleration of the economy will lead to higher terminal rates," said Lancaster.Brian Hessel, chief risk officer and COO at Global Credit Advisers, believes the pricing in of higher interest rates has not reached the riskiest parts of the corporate bond market. "If a soft landing is not properly engineered, defaults rise and liquidity events begin to happen, credit spreads will widen," said Hessel. Hessel says to avoid a short squeeze, the firm keeps a mixed portfolio of longs and shorts.* Manages the $300 million Merchant Commodity FundDoug King, chief executive officer at RCMA Asset Management, said Europe's mild winter has helped push gas prices down sharply.
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