A wild run for global government bonds took an unexpected turn on 28 September after the Bank of England stepped in to stop a rout in the UK gilts market, spurring a furious rally on both sides of the Atlantic.

The sharp move added to a stretch of highly volatile trading sessions and came just after the 10-year US Treasury note had climbed above 4% for the first time in more than a decade — a significant milestone that was quickly swept away by the day’s events.