With the world's central banks in contortions to deliver "dovish hikes", it's no wonder volatility levels keep falling. Lower-for-longer is the mantra that's been drummed into us for so long, it's hard to believe rates could rise properly ever again. In last week's press conference,Carney was asked last week if the hike was the first of a traditional hiking cycle. His response is informative:

'We’re pretty clear, I think, about the . . .

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