The US equity markets sailed with equanimity into last week’s Thanksgiving break. A strong rally has seen the Dow Jones Industrial Average index gain about 15 per cent since midyear, bringing with it similar rises in the developed and emerging worlds and a rash of acquisitions.

But the data used by market professionals to show the level of anxiety in the market are perplexing. On the face of it, despite great uncertainty over the direction of the US economy, nobody is worried about anything.