HSBC economist warns nationalized bond markets left central banks vulnerable to inflation.

HSBC Senior Economic Adviser Stephen King has said that the prolonged period of loose monetary policy after the global financial crisis equated to central banks "nationalizing bond markets," and meant policymakers were slow off the mark in containing inflation over the past two years. King suggested that the "wobbles" in the financial system over the past month were arguably the consequence of a prolonged period of low rates and quantitative easing.