A child of inflation: BNPP’s new macro trading unit

This article is the fourth in a five-part series of interviews with senior bank rates and macro traders. The others – with Barclays, Citi, and Goldman – can be found here.

As inflation surged in emerging market economies last year, prompting a round of central bank rate hikes, it became increasingly clear that something similar lay in store for the developed world.

Like everyone else, BNP Paribas started to work through the implications. That led ultimately to a rejig of the bank’s trading