A global sell off in the bond market spread to equities on Thursday amid fears that the post-crisis era of easy money from the world’s largest central banks was coming to an end.
While bond yields remain exceptionally low, recent remarks by the heads of the European Central Bank, the Federal Reserve, the Bank of England and the Bank of Canada have convinced many investors the period of historically-low interest rates and unprecedented central bank bond buying will soon recede.
Those concerns sparked a sell-off in bond markets that deepened and bled into the global stock market on Thursday, triggering the worst one-day drop in European equities since September, and the biggest fall for the US S&P 500 in over a month.
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