Interest Rate Swaps Malfunction in Bizarro Rate Environment

http://www.bloombergview.com/articles/2015-11-10/beware-of-a-malfunctioning-debt-derivatives-market

"Fixed-income investors should care because their most popular hedging tool isn't working as well," said Priya Misra, head of global interest-rate strategy in New York at TD Securities. And it's kind of bad timing: the Fed is preparing to depart from its zero-rate policy for the first time in almost a decade by raising benchmark borrowing costs as soon as next month.''