Investors expecting a US interest rate rise could be in for a surprise

The global energy shock triggered by the war in Iran has changed the calculus for central banks.

The surge in oil and gas prices has driven up inflation.

According to JPMorgan, the average headline inflation rate in developed economies increased from 2.2 per cent in January to 3.3 per cent in April.
Bond markets are concerned that central banks in advanced and emerging economies have fallen behind the curve.

In a report on June 5, Bank of America said 46 of 68 central banks are currently...