Why a rate rise next week could be the trigger for a bond market recalibration

While US interest rates seemingly remain unchanged, the tightening of the shadow funds rate equates to six conventional policy rate increases since the start of 2015, says Hinesh Patel, co-manager on the Old Mutual Global Bond fund

The protagonists in a James Bond movie are always the same: against all odds, the secret agent emerges victorious after battling the psychotic villain, and his unusually large entourage, helped in part by a bevy of glamorous girls and cutting-edge gadgets. In some ways, James Bond's purpose in life and his modus operandi draw parallels with the masters of financial bond markets today: resolute, dexterous and emotionally detached.   Just as 007 is tasked with his 'do-or-die' mission courtesy of Her Majesty's Secret Service, in the case of the bond markets, the leading agents are played...