> For the complete documentation index, see [llms.txt](https://bluegamma.io/documentation/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://bluegamma.io/documentation/market-data-guides/overview-1/market-pulse.md). # Market Pulse How busy the swap market is, what it is trading, and what is priced for the next central bank meeting. The Swap Rates table tells you the level. **Market Pulse** tells you the activity behind it: how much is trading, in which maturities, and which way deals are printing. Open it from the central bank strip at the top of any Swap Rates page, or go to `app.bluegamma.io/market-pulse?ccy=`.
*** ## At a Glance
**The summary card** gives the last 24 hours: trade count and notional, an activity badge saying whether that is normal for this currency, and where the currency ranks by traded volume. **Which way is the market leaning?** puts two gauges side by side. *Trades printing higher or lower* is the share of trades printing above the previous comparable trade, so above 50% means deals keep getting done at higher rates. *Insurance against rates rising* is the share of short-expiry rate options protecting against a rise, so below 50% means flow leans toward rates falling. **Next central bank meeting** shows how many days away the decision is, the market-implied split across cut, hold and hike, and the implied move in basis points from the current policy rate. **Market structure** is six trailing-twelve-month figures describing how the market trades: trades per day, median ticket size, the largest print in the last 24 hours, the share done as blocks, the share cleared, and the busiest maturity bucket. *** ## Charts and the Trade Tape
**How busy is the market?** plots new trades per day, with a shaded band for the typical range, the middle 50% of days over the trailing few months. Spikes line up with CPI prints, central bank decisions and shocks. **Activity by maturity** buckets the last 24 hours by maturity, switchable between trade count and notional. **Trades printing higher or lower?** and **Insurance against rates rising?** plot the two gauges from the summary card through time, each against a 50% balanced line. **Latest reported trades** is a live tape of the most recent clean prints: time, tenor, start, rate, size, venue, and whether the trade cleared. Filter to **All** or **Bilateral**. {% hint style="warning" %} Market Pulse is built from trades publicly reported under US (CFTC) rules. That is comprehensive for USD, but for other currencies it captures only the US-facing share of the market, so onshore-only trading is not included. Read it as a description of observable activity, not a complete volume figure and not a forecast. {% endhint %} --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://bluegamma.io/documentation/market-data-guides/overview-1/market-pulse.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.