As the tide goes out on a long era of low interest rates, no one can confidently predict where the next wave of financial market turmoil will spring from. And that “expect the unexpected” territory raises uncomfortable questions about modern financial regulation.
One is how much responsibility do regulators bear for the fallout from truly exceptional events? Another is, if they do have at least some responsibility, should they be doing more to discharge that?
The recent turmoil in UK pension and bond markets does not bode well for what might lie ahead for markets and the financial system.
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