Some markets are back to normal. Whether they have been brought there by any normalisation of sentiment is another matter.

On Tuesday, the market’s best guess at the US inflation rate over the next 10 years, formed by comparing the yields on inflation-protected and fixed-income government bonds, reached 2 per cent. The last time inflation expectations were this high was the week before the Lehman collapse last September. In the aftermath, inflation expectations went negative, implicitly predicting deflation on a scale not seen since the Great Depression.