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Bank of England MPC meeting November 3rd 2022 - what are your predictions and how are you preparing
in Mortgages & endowments
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Sterling is currently making small gains against the dollar and the euro this morning. Hopefully it will hold its own until next Thursday and not drop any further.
Hunt needs to tell the markets what they want to hear next week and not pander to the public.
Traders have pointed to mounting stress in the so-called “repo” market and short-dated UK debt, known as gilts, just weeks after the post mini-Budget bond chaos pushed Britain’s pensions funds to the brink of collapse.
Repo markets are a crucial part of the financial plumbing where cash is lent in return for collateral such as government debt. They are an important source of short-term funding and collateral for banks.
Analysts warned over a potential shortage of gilts as they pointed to signs of pressure in the Bank’s first bond sales under quantitative tightening (QT) last week, the reversal of quantitative easing. Experts believe Threadneedle Street could need to step in again to smooth the running of markets after it was forced to launch bond purchases to ease turbulence in the wake of the mini-Budget.’
In essence, the gilt market had/has been malformed for several years.