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It’s a tough start to the year for the financial markets, both bond and equity. The prospect of an ever-increasing incidence of inflation in the United States but also in Europe, and consequent tightening of monetary policy yesterday pushed the yield on ten-year T-bonds close to 1.8%, the highest level in recent years. two years, and the Nasdaq – fractionally up at the end of the session – to officially enter a correction phase having lost more than 10% of its value from the high of 22 November last.
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