The gilt market was the last place anyone expected systemic risk to almost blow up the UK pensions industry, force the Bank of England into emergency bond purchases, cause the chancellor to be sacked, and make the government reverse its flagship economic policy.

But are we now out of the woods? And what other markets are vulnerable to sharply rising bond yields and similar ‘doom-loop’ dynamics?

And in today’s Dumb Question of the Week: What is a haircut?

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