專欄英國央行

SHORT VIEW: BOE

Whatever did they mean by that? Markets were reminded what a bona fide shock feels like yesterday when the Bank of England announced that it would buy another £50bn in long-dated gilts.

The measure, known as quantitative easing, is a drastic way to push down bond yields, and with them the long-term interest rates that prevail in the economy. The news was preceded by a debate between those who thought the bond purchases were over, and those who thought the Bank would buy another £25bn. Nobody expected another £50bn.

Hence sterling lost 2 cents against the dollar in seconds, while the yield on 10-year gilts dropped from 3.86 to 3.62 per cent. But the FTSE-100 stock index rose, and closed at a fresh high for the year.

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約翰•奧瑟茲

約翰•奧瑟茲(John Authers)是英國《金融時報》的Lex主編,是全球最具影響力的金融市場專家之一。他於1990年加入FT,曾經擔任美國市場編輯、美國銀行記者和墨西哥分社社長。奧瑟茲畢業於牛津大學,並且擁有哥倫比亞大學的MBA學位。

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