A lacklustre week for stock markets was dwarfed by another wave of panic in bond markets, as the US central bank turned up the volume on its inflation-fighting rhetoric. A two-year US government bond now yields about 2.7%, and yields have only been higher than that once since before the Credit Crunch. US government bonds have now had their worst start to a year since the early 1970s. Bond markets crumpled under the onslaught from federal reserve officials: one governor advocated for a rate rise of 0.75% at the next meeting, and several others were heard to endorse the idea of 0.5%. This was subsequently reiterated by the Federal Reserve's Chairman, who also upset markets by describing the American labour market as being "unsustainably hot".

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