The Bank of England’s dramatic intervention in government bonds has ignited a global bounce from stocks to debt, underscoring how every asset remains at the mercy of monetary officials in crisis-fighting mode. After British policymakers pledged a fresh round of debt buying, the S&P 500 surged 2% in its best rally since 2020. But we’re not out of the woods yet. For all of 2022, dip buying has proved a futile strategy, with every bounce being thwarted across bonds and stocks. Meanwhile, UK Chancellor of the Exchequer Kwasi Kwarteng is facing calls to reverse a package of planned tax cuts that’s sparked days of turmoil in financial markets. The chaos has got the Biden administration worried.