by Tyler Durden By Ven Ram, Bloomberg Markets Live commentator and writer The swaptions market hasn’t been in tenterhooks this much ahead of a Fed meeting in a year, a study of volatility patterns shows. Volatility on the key 1m10y swaption is now about 86 basis points, which factors in a daily move of about 5.4 basis points/day. That is the highest on the day of a Fed review since March 2020. While the readings were elevated both ahead of the out-of-cycle March 3 and March 15 policy meetings, global financial markets were in extreme tumult by then. Curiously, as happened last year,