Aug 9, 2026 – 9.33amOne of my more enduring memories as a fixed-income reporter was sneaking into a heritage ballroom on Wall Street to hear a former US Federal Reserve Board member deliver his final speech to a rowdy bunch of money market traders.It was May 2014, and those traders, who had been sinking beers all evening in the dive bar below, were still shaken by the so-called taper tantrum. That was a year earlier when a seemingly innocuous comment from former Fed chairman Ben Bernanke crashed the bond market.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles