Gilt auctions are going to get interesting...

Gilt investors take fright at record borrowing

Whether this strategy turns out to have been excellent is only something that can be concluded in hindsight.

UK government dishes out extensive tax cuts as country braces for recession

I'm always mystified that they announce the announcements before they announce the announcements, so that when it is reported that they announced the announcement and what was in the announcement they announced that they are reporting that they ...

This year’s 1.25% point rise in National Insurance will be reversed on 6th Nov. Its...

Goodness NO! I wonder if we shouldn't do a national search to find out who would least want to do it. And get those people who absolutely DON'T want the job. I'm sure they'de be rather better than those that do. In many cases they wouldn't be any ...

Bank Rate increased to 2.25% - September 2022

Yeah. Now there's the rub...

German Economy Minister Habeck: Partial mobilisation of Russian troops is a bad and wrong...

Yeah - All 650 of them!

Bank Rate increased to 2.25% - September 2022

I guess there probably is a touch of nostalgia there. But the system kinda worked. But in the final eventuality it was all about the Hush-Puppies...

Bank Rate increased to 2.25% - September 2022

The last time it was up there was 2008.

Japan Top Currency Diplomat Kanda: Took Decisive Action In Forex Market

I miss the days of the 'Ken and Eddie show'. (Neophytes will wonder what the hell I'm talking about). No11 and BOE have a bit of a chinwag, decide what to do - coordinate their efforts et Voila! Also BOE still regulated the banks (something they ...

Bank Rate increased to 2.25% - September 2022

Well according to Mark Twain History doesn't repeat itself but it sure does Rhyme...

Japan MoF Kanda: The size of the FX intervention is normally announced at the end of the month

Macro is Macro is Macro - Resistance is futile. (Isn't that what the Borg always said in Star Trek?)

Japan Top Currency Diplomat Kanda: Took Decisive Action In Forex Market

"The story of King Canute and the tide is an apocryphal anecdote illustrating the piety or humility of King Canute the Great, recorded in the 12th century by Henry of Huntingdon. In the story, Canute demonstrates to his flattering courtiers that he ...

BOJ Governor Kuroda's comments at news conference

Well that's quite a bit of money moved around, but the fundamentals will always win over in the end! Japan still has a negative rate they have no plans to change and just about everyone else is increasing their rates and indicating a willingness to ...

Japan Top Currency Diplomat Kanda: Took Decisive Action In Forex Market

The cross market effect remains the same regardless of the motivation.

Japan Top Currency Diplomat Kanda: Took Decisive Action In Forex Market

BOJ are buying Yen and SNB are selling Francs

Japan Top Currency Diplomat Kanda: Took Decisive Action In Forex Market

Coordinated work from BOJ and SNB by the look of it.

Japan FX Diplomat Kanda: There May Be Cases Where We May Conduct Stealth Intervention

Neither. BOJ and SNB are on the same side.

Japan Top Currency Diplomat Kanda: Took Decisive Action In Forex Market

Well it looks like we've got two Central Banks at work in the market this morning, BOJ who want their currency stronger, and SNB who want to take some heat out of the Franc's recent rises.

Japan Top Currency Diplomat Kanda: Took Decisive Action In Forex Market

As long as Fed keeps agressively raising rates and BOJ keeps rates at -0.10% it is hard to see how any intervention can have any meaningful effect other than to deplete foreign currency reserves in such a quixotic endeavour.

Japan FX Diplomat Kanda: There May Be Cases Where We May Conduct Stealth Intervention

Not necessarily. Expect the markets to be pushed around. It's the forward guidance that'll set the tone...

Fed expected to raise rates by 0.75%, release dot plot projections