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inflation\uff0c\u5305\u62ec\u6240\u6709\u9879\u76ee\u7684\u901a\u80c0\uff09\uff0c\u4f46\u4e5f\u4f1a\u524a\u5f31\u5bb6\u5ead\u8d2d\u4e70\u529b\uff0c\u5e76\u62d6\u7d2f\u5176\u4ed6\u9886\u57df\u9700\u6c42\uff0c\u5bfc\u81f4\u4ea7\u51fa\u7f3a\u53e3\u6269\u5927\uff08output 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pivot\uff0c\u504f\u5411\u52a0\u606f\u6216\u66f4\u7d27\u7f29\u7684\u653f\u7b56\u8f6c\u5411\uff09\u7684\u884d\u751f\u54c1\uff08derivative\uff0c\u4ef7\u503c\u6765\u81ea\u5229\u7387\u3001\u6c47\u7387\u7b49\u6807\u7684\u7684\u91d1\u878d\u5408\u7ea6\uff09\u4ea4\u6613\uff0c\u672a\u6765\u51e0\u5468\u53ef\u80fd\u8868\u73b0\u4e0d\u4f73\u3002\n\n<h3>Rates Volatility Strategy<\/h3>\n\u5bf9\u5229\u7387\u7a33\u5b9a\u7684\u9884\u671f\uff0c\u610f\u5473\u7740\u53ef\u8003\u8651\u5728\u5229\u7387\u5e02\u573a\u5356\u51fa\u6ce2\u52a8\u7387\uff08selling volatility\uff0c\u901a\u8fc7\u5356\u51fa\u671f\u6743\u6536\u53d6\u6743\u5229\u91d1\uff0c\u62bc\u6ce8\u4ef7\u683c\u6ce2\u52a8\u53d8\u5c0f\uff09\u3002\u94f6\u884c\u627f\u5151\u6c47\u7968\u671f\u8d27\uff08Bankers&#8217; Acceptance futures\uff0cBAX\uff0c\u4e0e\u52a0\u62ff\u5927\u77ed\u671f\u5229\u7387\u9ad8\u5ea6\u76f8\u5173\u7684\u671f\u8d27\u5408\u7ea6\uff09\u671f\u6743\u7684\u9690\u542b\u6ce2\u52a8\u7387\uff08implied 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differentials\uff0c\u4e24\u56fd\u5229\u7387\u5dee\uff0c\u5e38\u5f71\u54cd\u8d44\u91d1\u6d41\u5411\u4e0e\u6c47\u7387\uff09\u672a\u671d\u6709\u5229\u4e8e\u52a0\u5143\u7684\u65b9\u5411\u53d8\u5316\uff0c\u52a0\u5143\u4e0e\u6cb9\u4ef7\u7684\u8054\u52a8\u53ef\u80fd\u51cf\u5f31\u3002\u5c3d\u7ba1\u9ad8\u80fd\u6e90\u4ef7\u683c\u901a\u5e38\u5229\u597d\u52a0\u5143\uff0c\u4f46\u82e5\u52a0\u62ff\u5927\u592e\u884c\u4e0d\u4f5c\u653f\u7b56\u56de\u5e94\uff0c\u52a0\u5143\u6da8\u5e45\u53ef\u80fd\u53d7\u9650\uff0c\u5c24\u5176\u76f8\u5bf9\u7f8e\u5143\uff08US dollar\uff09\u3002\u7f8e\u5143\/\u52a0\u5143\uff08USD\/CAD\uff0c1\u7f8e\u5143\u53ef\u5151\u6362\u591a\u5c11\u52a0\u5143\uff09\u53ef\u80fd\u7ef4\u6301\u5728\u9ad8\u4f4d\uff0c\u751a\u81f3\u7ee7\u7eed\u4e0a\u884c\uff0c\u4ece\u800c\u5728\u5916\u6c47\u671f\u6743\uff08currency options\uff0c\u7528\u4e8e\u62bc\u6ce8\u6216\u5bf9\u51b2\u6c47\u7387\u6ce2\u52a8\u7684\u671f\u6743\uff09\u4e0a\u51fa\u73b0\u62bc\u6ce8\u52a0\u5143\u96be\u4ee5\u663e\u8457\u8d70\u5f3a\u7684\u673a\u4f1a\u3002\n\n\u6700\u65b0\u6570\u636e\u4e5f\u652f\u6301\u592e\u884c\u8c28\u614e\u7acb\u573a\u4e0e\u4e0a\u8ff0\u4ea4\u6613\u89c2\u70b9\u30022026\u5e742\u6708\u7684\u6d88\u8d39\u8005\u7269\u4ef7\u6307\u6570\uff08CPI\uff0c\u8861\u91cf\u5c45\u6c11\u6d88\u8d39\u4ef7\u683c\u53d8\u5316\u7684\u901a\u80c0\u6307\u6807\uff09\u663e\u793a\uff0c\u6574\u4f53\u901a\u80c0\u56e0\u80fd\u6e90\u4e0a\u5347\u81f33.1%\uff0c\u4f46\u6838\u5fc3\u901a\u80c0\uff08core measures\uff0c\u5254\u9664\u6ce2\u52a8\u8f83\u5927\u7684\u80fd\u6e90\u4e0e\u98df\u54c1\u7b49\u9879\u76ee\uff0c\u66f4\u80fd\u53cd\u6620\u8d8b\u52bf\uff09\u4ecd\u7a33\u5b9a\u5728\u7ea62.5%\u3002\u6b64\u5916\uff0c1\u6708\u96f6\u552e\u9500\u552e\uff08retail 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