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Some welcome relief in markets this morning: the pound strengthens against the dollar, up to $1.08…
and UK govt bond yields drop slightly, with the 10yr down from 4.2% to 4.1%.
Both still a LONG way away from where they were only last week.
But here’s hoping for a quieter day 🤞 pic.twitter.com/LFiH1uszOu— Ed Conway (@EdConwaySky) September 27, 2022
After two frantic days, the markets are somewhat calmer today.
Sterling is holding onto the $1.08 point against the US dollar, up a cent this morning, but still slightly below its close on Friday night after the initial shock of the mini-budget.
UK government borrowing costs are recovering a little too, after surging on Friday and Monday.
The yield, or interest rate, on short-dated two-year bonds has dipped by 0.13 percent to around 4.2% – still sharply higher than at the start of September (when it was 3%).
The slump in UK government bond prices has added to a grim year for sovereign debt.
