Over the last decade Central Banks have been at pains to win the market’s trust – gone were the days of Trichet hiking into recessions or a non-independent BoE using rates for political gain. As we came out of the GFC, forward guidance was de rigueur, and any monetary policy move was well telegraphed and well priced in the market. Draghi’s famously drole press conferences – where he emphasised price stability and deftly side stepped any, even moderately, contentious question – were exactly what the market needed. Volatility in rates across the developed world spent much of the decade at all-time-lows, and growth plodded along at an acceptable rate.

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