Last Wednesday, the US Central Bank, the Federal Reserve, increased the interest rate it charges banks from zero to 0.25 per cent. The media promptly lost their mind, perhaps because it hasn’t happened since 2006, but the markets barely reacted, especially in the long-term bond markets.
Exchange rates bounced a bit, with the US dollar gaining against the euro and the yen in particular, but with remarkably little volatility elsewhere. This is precisely what the...
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