Timing is everything in financial markets. Sell at the top, or buy at the bottom, and a trader looks like a genius; get it wrong, and the consequences are often less pleasant.
At the moment, practically every business with some sort of exposure to interest rates is facing essentially the same challenge. There is a widespread – though not universal – conviction that the US Federal Reserve will hike rates next year, with market rates elsewhere following. But precisely when it happens, how rapidly