The combined effort by central banks to inject almost $90bn (€61bn) of short-term cash into the troubled money markets has failed to inspire the bond market, suggesting investors believe the credit crisis will last well into the new year.

The US Federal Reserve, in concert with the European Central Bank, the Bank of England, the Bank of Canada and the Swiss National Bank yesterday announced measures to inject new funds into the short-term debt markets to "address elevated pressures in short-term funding".