The weather has turned cold, the nights are drawing in and the Christmas lights have been turned on. Not only does the holiday season herald the return of a fat man in a red suit, it is also time for the annual M&G Bond Vigilantes Macro Outlook. Inflation is low, bond yields are negative and global growth is slowing. But things are about to change. The central bank of the world’s largest economy could be about to hike interest rates, and the ramifications of this event will touch every asset class.