NAB – The Morning Call · Bank of England Backs Down

Bank of England Backs Down

Friday 5th November 2021

There has been a sharp response in bond yields and currency markets to the Bank of England’s decision not to lift interest rates. Furthermore, Andrew Bailey is suggesting he doesn’t know where everyone got the idea that they would. NAB’s Gavin Friend says the response has been very marked. The fall in yields is pushing riskier assets, hence new highs for the S&P and NASDAQ. Yields could claw back a little as markets assess the possibility of a December hike. Meanwhile, the focus is on tonight’s non-farm payrolls in the US, with indications that it could be a strong number.

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