The benchmark ten-year US Treasury yield pushed through 4.25 per cent in late October 2022, its highest since 2008, and with it bond investors have started asking to be paid for waiting again.
The Bank of England said on 28 September that it would buy up to £65 billion of long-dated gilts to stop a collapse among UK pension funds, and it promised that the backstop would end at 5:00 PM on Friday, 14 October.
When Elon Musk signed a binding agreement in April to buy Twitter for $44 billion, Wall Street's biggest banks thought they had won the underwriting mandate of the year.
Japan's Ministry of Finance told the Bank of Japan to sell dollars and buy yen on 22 September, its first such intervention since 1998, and officials tried to draw a line near 145.90.
Non-farm payrolls rose by a steady 263,000 in September, evidence that American companies are still hiring briskly.
On Monday, 3 October, the chancellor dropped the planned abolition of the 45p top rate of income tax, a retreat forced by the market's punishing response to £45 billion of unfunded tax cuts.
Britain's defined-benefit pension industry spent the past week learning the difference between being solvent and having cash.
The 30-year gilt yield shot above 5 per cent in late September and sterling fell towards 1.035 against the dollar after the government unveiled a fiscal package with no funding attached.
The August consumer price index showed core prices up 0.6 per cent on the month, and with it the limits of monetary policy.
Companies have enjoyed ten easy years of financial engineering. With interest rates at zero and interest payments tax-deductible, the playbook was simple.
Equity traders are treating a slowdown in the statistics as if it were a truce in the economy.
The Federal Reserve has found that speed is cheap. By front-loading its rate rises, delivering the big increases at the start of the tightening cycle, it hopes to reduce the total cost of the adjustment that follows.
