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Ever since 2016, the Federal Reserve has tried to wean the markets off its quantitative easing measures and ultra-low rates.

But whenever markets have wobbled — as they did last year in the repurchase sector — the Fed always returned with a new monetary fix. 

That has helped to sustain a startling bull market in equities and bonds.

Investors may be starting to contemplate a world in which financial morphine no longer functions. 

After all, another startling detail about Thursday’s drama 
was that the yield on 10-year bonds rose

Gillian Tett FT 13 March 2020

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