For the first time since the Great Financial Crash of 2008 it is cheaper for the UK and US governments to borrow over the longer term – say ten years from now – than in the short term.

In the jargon, what we are seeing in global bond markets is known as an inverted yield curve: this is when long term bond yields are lower than short term ones.

And the reason that global markets are so spooked is that traditionally, an inverted yield curve foreshadows a recession. This is because it implies that growth in the future will be lower than it is today.