Anthony Rayner: A turning point for bonds

Despite muted inflationary pressures, we have observed a change in the ‘forward guidance' from a number of central banks. It is not clear whether it was coordinated or not but it certainly feels like more than just coincidence. These recent communications have seen markets bring forward their expectations of interest rate rises for most major central banks and, unsurprisingly, saw a sell-off in bond markets. This has also been felt across equities - utilities, consumer staples and healthcare (the so-called ‘bond proxies') have sold-off, while financials and, to a lesser extent, materials...