Bonds to get by without a little help from central banks

Paris

THE rebound of global growth is sounding the death knell for easy money, so debt markets should see the backs of central banks in 2018, although a gradual withdrawal should help avoid a new tantrum sending interest rates spiking.

The colossal sums that central banks injected into the financial systems to ward off economic cataclysm went primarily into the debt markets, which will have the biggest adjustment to make as part of the so-called normalisation of monetary policy by central banks.