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Back in mid-2013, America’s Federal Reserve signalled that its massive money-printing programme – so-called quantitative easing – would be coming to an end. Just the hint of “tapering” was enough to destabilise the US government bond market. The yield on 10-year Treasuries spiked above 3pc, from 1.7pc at the start of last year. The Fed, after all, since QE began in late 2008, had bought hundreds of billions of dollars of US sovereign IOUs.

For now, America’s Treasury market seems relatively stable, even though the taper eventually happened and QE officially ended this autumn. The US government currently pays a relatively benign 2.15pc to borrow 10-year money, despite its vast debt mountain just hitting $18,000bn – a mind-boggling 78pc up since President Obama took office in early 2009.
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