Early this morning it appears that at last Greece and the European authorities are at the final stages of launching a bond swap with the private sector – known as the private sector involvement (PSI) procedure – which will aim…
Recent posts from Richard Woolnough
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The big credit headline this week in the sterling bond world is that the UK gilt market has been put under review by one of the top three rating agencies Moody’s, for a downgrade from AAA to AA+. As bond…
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Last week conventional gilts of all maturities briefly traded – but failed to close – below the 3% level. The continuation of the gilt bull market has now reached an important psychological level, with the ascendant bulls seeing a 3%…
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It’s over 4 years since the financial crisis began, and by now you would have thought that we would understand all the factors that drove the building of, and since 2007, the destruction of the foundations of world economic growth….
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Today’s FT launches on the significant headline of record low gilt yields (see here). Within the article it discusses a number of issues from quantitative easing to Bill Gross’ famous quote regarding the UK “resting on a bed of nitroglycerine”…
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It’s that time of year when the tradition of All Saints’ Day gets blurred with modern commercialism. It is the turning of something scary into something fun, which has become an excuse for children to be rewarded for dressing up…
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Rating agency Moody’s today downgraded a swathe of UK banks. The reasoning behind this was not the weakening of the economy, nor the fact that, according to Mervyn King, we are in possibly the worst financial crisis ever. It was…
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From previous blogs (see here and here) you can see that we are not a big supporter of the single currency from an economic point of view. However we recognise the authorities’ political and economic desires to maintain it despite…
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The Fed, like many central banks, has moved on from conventional to unconventional policy tools to attempt to stimulate the flagging US economy. This was manifested yesterday by the introduction of “Operation Twist”. Operation twist involves the Fed selling $400…
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This weekend’s family activity centred on the final film in the Harry Potter series, Harry Potter and the Deathly Hallows, 10 years on from when we saw the first instalment of the magical film series in 2001. Meanwhile in the…
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