One does not need to be much of an analyst to see markets have experienced a “magic moment”. Apart from long duration government bonds, the prices of most assets have levitated, even the biggest heaps of steaming rubbish. Now markets are starting to be concerned the spell might be breaking. Not the ultra-easy monetary policy from central-bank prestidigitators; they will keep sawing price discovery in half for as long as it takes. Nor the (US, and to a far lesser degree, EU) fiscal policy assisting in a glittery leotard. Indeed, the fear is not that the reflation trade is not working, but rather that it is.