David Jane: Goodbye QE. Hello QT

As the US moves inexorably into an era of higher interest rates and a reduction in the level of central bank-provided liquidity, certain aspects of investment markets, which have prevailed for as long as many market participants can remember, are likely to reverse. US 10-year interest rates are now above 3% and look to have further to go. The US is clearly ahead of all other major economies in its tightening cycle but it is only a matter of time before other markets have to follow. The era of ultra-low interest rates - and indeed the long period of falling inflation and falling bond y...