Barclays confronts ‘implausible’ macro risks

This article is the third in a five-part series of interviews with senior bank rates traders. The first is available here; the second is here.

Michael Lublinsky doesn’t come across as shy or retiring, but at the outset of this interview he is – briefly – just a little bit sheepish.

After spending much of the past decade on the sidelines, the macro trading business he runs at Barclays is back in the thick of it: macro funds are among the investing world’s best performers this year, and