David Jane: The Age of Uncertainty returns

For many years financial markets have had a very benign backdrop. The era of quantitative easing put a floor under bond markets, forward guidance gave certainty over future US interest rates and we had a relatively predictable political order. Combining this with a growing economy and ultra-cheap money may have given rise to a huge degree of complacency in financial markets - or irrational exuberance as it was once termed. It feels like this era has now ended and the cynics are in the driving seat once again. Credit spreads are again on the rise, the yield curve is flattening, and equ...