Yesterday the Bank of England cut rates by 0.5% to the new record low of 1%. The problem that the BoE now faces is that it’s reaching the end of its effective use of traditional policy. Theoretically rates could be…
Recent posts from Richard Woolnough
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Dear Mervyn I see from your speech last night that you might start buying corporate bonds. Now that the Bank of England and the authorities have entered the prime broking industry through (a) repoing securities with banks (b) buying equity…
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The start of another year is always a time to take stock, reflect on the last year and plan for the next. Last year was dramatic from an investment point of view, with equity markets having their biggest bear market…
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Deflation fears meant that November was a phenomenal month for government bonds and investment grade corporate bonds. In local currency terms, US Treasuries returned +5.4% (the best month since November 1981), German government bonds returned +4.0% (the best month since…
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Since May 2007, we’ve seen the Great Credit Crash, with the fastest and sharpest sell off in credit that the modern world has ever seen. In the US, in May 2007, the average BBB corporate bond yielded just 120bps (ie…
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In light of the news of recapitalisation of the UK banking sector (which Ben alluded to in his blog yesterday afternoon here) and today’s coordinated global rate cuts, I thought it would be an appropriate time to see whereabouts we…
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The original ‘supersub’ was the ginger scouser David Fairclough, famed for coming off the bench to rescue the mighty Liverpool FC. The financial markets themselves have returned to the 1970s with chants of stagflation and bank failures emanating from city…
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Many people blame the banks’ woes on a lack of regulation of the banking industry and the leverage that banks have built up over the past few years. This is certainly an important factor, but is only part of the…
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UK housing market numbers once again fell short today, which is not surprising given the sparsity of credit and falling mortgage approvals (see our most recent blog comment on mortgage approvalshere – note that our mortgage approvals chart is now…
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It’s now been just over a year since the credit crunch began, and there are many indicators of stress out there – equity market falls, credit spreads widening, and collapsing consumer confidence are all things we’ve focused on over the…
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