Markets oscillated as monetary policy interest rate hikes appeared to be coming to an end. Long-term yields surged and then retreated on investors’ evolving perceptions of future policy actions.1 After reaching highs in some cases not seen since the run-up to the Great Financial Crisis (GFC), yields declined rapidly in November. Developments in risky asset markets, as well as exchange rates and capital flows in emerging market economies (EMEs), were closely intertwined with the evolution of core bond markets. […]