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John Authers

Bond Tantrum Is a Big Test of Central Banks' Mettle

It’s their move now. They can win if they really want to.

Are they ready for the test?

Are they ready for the test?

Photographer: EITAN ABRAMOVICH/AFP/Getty Images

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Something big just happened in world markets. That I can prove. So I’ll start with the easy part of going through the remarkable events of the week, culminating in Thursday’s great drama, and showing that they’re a big deal. Then will come the much harder questions of why they happened, what might happen next, and what we should all do about it.