Donald Trump rode to victory in the US presidential election by pledging to “make America great again”.
“We are going to fix our inner-cities and rebuild our highways, bridges, tunnels, airports, schools, hospitals. We are going to rebuild our infrastructure,” he said in claiming victory two weeks ago.
While he is still only President in waiting, statements like that have had an immediate effect, with more than a trillion dollars wiped off the value of the global bond market.
“The 30-year rally in bonds is over. That was a golden period. One of the longest rallies we have seen in any asset class,” said Justin Braitling, the chief investment officer with Watermark Funds Management.