The latest conflict comes at a time when markets are jittery, and bond yields around the world are trading at multi-year highs. Israeli government bonds fell, with the 2120 ‘hundred year’ bond down 5.3c on the dollar at a record low. The shekel sank to its lowest since early 2015 at 3.9880 per US dollar, prompting the country’s Central Bank to offer to sell up to $30bn of foreign currency to maintain stability.
Not so long ago, families, businesses, and governments were effectively living in a world of free money. The US Federal Reserve’s benchmark interest rate was zero, while Central Banks in Europe and Asia even ran
