2/22/2021 11:47:01 AM GMT Growing confidence in the global recovery, especially in the US, is leading to speculation over when the Fed might take its foot off the accelerator and buy fewer Treasuries and Agencies. Increasingly, parallels are being drawn to similar events in 2013. In this Q&A we look at when such a sharp bond sell-off might occur and its cross-market implications. Memories of 2013 Investors are increasingly confident of a ‘V’ shape global recovery, so much so that the emerging concern is not growth, but inflation. This has seen the long end of bond markets come under pressure, refreshing memories of 2013. This was the year the Fed exacerbated the bond market sell-off by discussing the reduction or ‘tapering’ of its US Treasury debt purchases.