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Officials are more focused on the next inflation and wage data
...Joel Unruch General counsel and corporate secretary, Accenture Over the past 18 months, Joel Unruch’s priority at Accenture has been preparing the business for generative AI’s impact....
...He also fended off criticism that the BoE’s move to cut interest rates and restart its bond buying programme has had a detrimental impact on pension funds by expanding their deficits....
...The BoE just purchased a £1.17bn slug of long-term gilts, but investors offered to sell it 3.21 times that amount....
...In its latest round of daily purchases, the BoE snapped up £1.17bn of gilts with maturities of 15-years or longer as part of its stimulus programme....
...Yesterday the BoE had more trouble convincing investors to part with long-dated gilts, resulting in a shortfall of £52m....
...But the BoE has managed to top those expectations, unveiling a three-pronged package that has driven the gilt rally to yet new heights....
...Every issue the BoE bought was heavily oversubscribed, meaning the bank was not forced to pay the kind of hefty premium it has had to fork out when buying long-term paper....
...It paid prices roughly in line with market levels, writes Joel Lewin....
...The BoE is widely expected to cut its benchmark rate 25 basis points to 0.25 per cent, but bets against sterling have built up to record levels, leaving considerable scope for a jump if the central bank...
...The BOE continues to provide further easing signals, which should keep the downside bias on the pound....
...The two weeks since the Bank of England unveiled its easing measures have been the biggest two weeks of issuance in almost three years, writes Joel Lewin....
...Sterling has fallen 1.15 per cent against the dollar to $1.3180 following the first BoE rate cut since the crisis. Chart courtesy of Bloomberg...
...“There was some debate before the announcement over whether the BoE was going to launch a corporate bond purchase programme,” said Mr Watts....
...That’s 6.5 times more than the same month last year, writes Joel Lewin. The sterling corporate bond market had become increasingly moribund in recent years, with issuance dwindling to pitiful levels....
...It’s down 0.2 per cent against the dollar today and is off 2.4 per cent since the BoE meeting....
...Sterling corporate bond market is rallying hard on the back of the BoE’s announcement that it will buy corporate bonds....
...The gap between UK and US bond yields has hit the widest level in 16 years, an ominous sign that more pain lies ahead for the pound. writes Joel Lewin....
...The 10-year gilt yield has leapt 16 basis points this week to 0.75 per cent, its biggest weekly rise in four months, writes Joel Lewin....
...about to start buying highly rated corporate bonds, writes Joel Lewin....
...That’s the biggest one-day drop since 2009, writes Joel Lewin. That’s down 82bps since the referendum, and down 124bps since the start of the year....
...Goldman predicts the BoE will: announce credit easing measures at its July 14 MPC meeting, including through asset purchases focused on corporate credit and by extending the Funding for Lending Scheme in...
...To offset the hit to banks’ margins from the cut, the BoE has established a new Term Funding Scheme for banks that would provide up to £100bn from central reserves....
...Last week the long-term gilt rally gathered pace as the BoE struggled to convince long-term investors to part with their paper, suffering a shortfall for the first time since it started buying bonds in 2009...
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