All Options Considered: Is 100 High for Rates Volatility?

In this edition of All Options Considered, BI Chief Global Derivatives Strategist Tanvir Sandhu discusses why US rates volatility has risen from its early-2026 lows but remains near longer-run historical averages rather than at an outright extreme. He also examines how higher forward rates may limit a return to those lows, where volatility is concentrated across the swaption surface and why risks priced by the options market are becoming more two-sided.