How do you interpret the time-series of 1m10y black vol vs normal vol? Normal vol would have you believe, that rate vol has since 2000 been low whereas black vol would show you a different picture.
What is the market convention of interpreting normal vol (bps) vs Black vol (lognormal)?
Is there a way to jump between the two? normal vol in bps = swap rate * black vol / sqrt(252)? Can you please show me an example if not too arduous to do so?
Much appreciated in advance.