Central banks jittery over the end of QE

Central bank officials across the world are increasingly nervous about the shock to markets as they take away the prop of quantitative easing. A mere hint of monetary tightening last week sent bond yields spiralling higher in the US, Europe, and East Asia, a foretaste of how hard it may be to engineer a gentle return to normality. Rates on the 10-year German Bunds alone doubled to 0.47pc in four trading sessions. Business, page 1