Dariush Mirfendereski, head of inflation-linked trading at UBS investment bank, has left his screen with some trepidation. Market conditions are wild, in every sense. He has just watched market-implied rates of inflation for the UK hit new highs for the year – and indeed for the entire period since the Bank of England became independent in 1997.
“In the past three or four months we’ve been busier than ever, in terms of enquiries and trades,” he says.
