US bond markets are closed on Friday, along with other US trading activity, to mark the national day of mourning for Ronald Reagan. Given the explosive growth of the bond markets under his presidency, seasoned players have suggested the closure is particularly appropriate.

“Modern understanding of capital markets began with Reagan,” said Mark Chandler, strategist at HSBC in New York. “You’ve got to consider both the huge budget deficits and the market liberalisation that took place.”