An interest-rate swap is a private contract in which two parties trade fixed interest payments for floating ones. Big investors use it to hedge or to bet on where central-bank rates will go.
利率掉期
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| 100% | U.S. bond-market slide deepens, pushing yields to two-decade highs 利率掉期 · 第 8 张术语卡 | “Swaps now fully reflect three quarter-point hikes over the next year” — 'fully reflect' means the market has already put a 100% probability on those moves. 掉期（尤其隔夜指数掉期 OIS）是市场对政策利率路径最直接的报价，比官员讲话更早更准。看到「市场已完全计入三次加息」，意思是如果美联储少加一次，反而会成为利好。反之，若市场「只计入 1 次」 而实际加了 3 次，就会引发剧烈重定价。 |