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The Gulf Tape

Global Macro

  1. BofA Debunks the 'Summer Carry Bias'

    Global MacroBank of America's rates team, cited by Investing.com on July 26, 2026, finds the 'summer carry bias' is largely a myth: realized rate volatility shows no consistent seasonal dip, though implied volatility softens modestly around midyear. The desk stays short volatility and long carry, flagging a Middle East escalation and oil-price spike as the main risk to that call.