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Meanwhile, the UK’s sports fashion retailer JD Sports has slashed its profit forecasts as cost-of-living pressures, fuelled by the US war on Iran, weighed on sales of trainers.

JD Sports, which sells a range of sports brands including Nike and Adidas, said widespread inflation had hit shoppers’ wallets, resulting in falling sales across important markets such as the US, where it struggled to quickly shift trainers and other footwear.

Buying back more long-dated debt should ease pressure on longer-term yields, helping households through lower mortgage rates and corporations through lower borrowing costs. That’s positive.

For the dollar, lower long-term yields are initially negative, as they reduce the attractiveness of US assets to international investors. That’s partly why the dollar sold off so aggressively yesterday.