A man wearing a protective face mask talks on his cellphone in front of a screen showing the Nikkei index outside a brokerage in Tokyo, Japan. Picture: REUTERS/ATHIT PERAWONGMETHA
Analysts said an accumulation of events have triggered a turn in sentiment rather than a single catalyst. As a result, markets are now starting to question one of this year’s most successful trades, the so called reflation narrative — bets that assets that benefit from a strengthening economy and higher inflation will outperform steadier, safer ones.
“The rate move is a reflection of less accommodative Fed signals and some fading of reflation optimism with an uptick in Covid Delta concerns,” analysts at Bank of America Securities wrote in a note.
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