BoE: Gets Its Ducks in a Row
BoE asset sales will start after Bank rate reaches 1%, although redemptions can roll-off from 0.5%. We still expect disappointing H2 data to...
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Inflation: Will Your Anchor Hold?
At least for now, inflation anchors appear to be holding, so the market may well be surprised at how quickly the base effects which drove up...
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UK: Retail Gorges on Failing Normalisation
Food sales offset widespread declines in opposition to the desired unwinding of retail’s rotation. Failure to normalise threatens the recovery’s...
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BoE: How to Unwind QE Concerns
Balance sheet problems can unwind by swapping the BoE’s gilts for T-Bills with the Debt Management Account. Undesirable linkages would break...
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UK: Recovery Loses Momentum Early
UK GDP growth in May-21 was half the consensus forecast as it slowed to 0.8% m-o-m despite relaxing restrictions. As with the re-opening last year,...
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