The US Federal Reserve has dismissed any concerns that the market might have had about monetary tightening. The central bank said it will continue to keep interest rates low, and it will keep buying bonds until the US has achieved maximum employment and inflation has reached 2%. It has already bought about $4 trillion worth of bonds and could buy carry on buying around $120 billion of those fixed-rate instruments a month. That is a serious arsenal of ammunition at the Fed’s disposal. So, it looks, for the moment, at least, that the Fed has won the argument with bond investors. For a brief moment, fixed-income investors have been stamping their feet in annoyance. They have been demanding more interest for holding those US Treasuries. They can demand all they want – interest rates aren’t going to rise until the Fed is ready to move. It said “it is not...