 Concave smile patters are sometimes observed around ATM strikes in the interest rate markets, in particular in the situations of anticipated jumps (with  unclear outcome) in interest rates.
<fluency>  Concave smile patters are sometimes observed around ATM strikes in the interest rate markets, in particular in the situations of anticipated jumps (with  unclear outcome) in interest rates.
 Concave smile patters are sometimes observed around ATM strikes in the interest rate markets, in particular in the situations of anticipated jumps (with an unclear outcome) in interest rates.