Over the past three weeks, the UK has provided the world with more “lessons to be learned”, in Bank of England-speak, than any market since the US in 2008.
Entire textbooks will come to be written about the stunning scenes in the UK’s usually sedate bond markets since the “mini” Budget of September 23, with chapters entitled “Government policymakers: Don’t Do This” and “Or This”.
One of the key lessons that investors would be well advised to heed is that central banks really, truly mean it this time. They do not care how much money you are losing, even if global stocks are down 26 per cent this year without the usual counterbalance of higher returns from bonds.
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