The writer is a commentator on finance and economics and former global head of asset allocation at Columbia Threadneedle Investments
It’s hard to overstate how poorly Kwasi Kwarteng’s so-called “fiscal event” has been received by financial markets.
Nothing in gilt markets in the past 35 years — not the UK’s ejection from the Exchange Rate Mechanism, 9/11, the financial crisis, Brexit, Covid or any Bank of England move — compares with the price moves in reaction to the chancellor’s mini-budget.
The brutal sell-off in UK government debt may have come in the context of rising yields across the globe, but it largely reflected financial markets getting increasingly concerned about the direction of UK macroeconomic policy.
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