For all the hyperbolic talk of rate cuts, there has been a massive recent increase in long-term interest rates as markets adjust to the reality that the inflation genie may not yet be firmly planted back in its bottle.

In the US, the benchmark risk-free interest rate, the 10-year government bond yield, has surged from as low as 3.4 per cent in September all the way to 4.1 per cent at the time of writing.