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However, the city has successfully eliminated hundreds of millions of dollars in risk by terminating or renegotiating 18 interest rate swap or swaption contracts, according to a city spokeswoman, who added such efforts were continuing.

A Barclays Capital index measuring expectations for rate volatility, based on so-called swaption prices, fell about 5 percent since Dec. 15.

A Barclays Capital index measuring expectations for rate volatility, based on so-called swaption prices, fell 5.8 percent since Dec. 15.

A Barclays Capital index measuring expectations for rate volatility, based on so-called swaption prices, has fallen 5.8 percent since Dec. 15.