An obscure corner of Wall Street is making billions trading inflation

Small teams have been making the most of global price shocks with volatile trades

Most of the world hates inflation. For Nikhil Choraria and a small band of traders, it’s an opportunity. 

The Goldman Sachs Group Inc. partner is a leading practitioner of the obscure art of inflation trading, a niche business that’s exploded -- very lucratively -- for some of the world’s major banks and hedge funds. 

Choraria, 38 and based in London, orchestrates often-complex transactions designed to profit from gyrations in inflation. Over the past year, his team picked the right side on trades underpinned by the biggest inflationary spike in decades, which convulsed the global economy and even blindsided some central bankers. They