Trump’s supporters think he just played a blinder of masterstroke reversing tariffs. Those of us with clearer minds and an understanding of finance know the truth – Trump lost. The bond market punched him hard between the eyes.

The great Autumnal Bond Funding Season is upon us, but the looming taper of Central Bank Asset Purchase Schemes could well expose just how broken and dysfunctional bond markets have become. Markets always over-react to stress and panics, but when markets struggle with price discovery and liquidity the coming sell off could be magnified, which means a great buying opportunity in bonds may be coming!