Back to bonds as BoE forecasts a growth hit for Britain
A rate hold by the BoE and a dovish FOMC yesterday has seen bonds back in fashion, although NAB’s Ken Crompton says its not a fundamental repricing and 10 year treasury yields could easily push back close to 5%.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Friday 3rd November 2023
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Bond yields are much lower across the board today. Phil asks NAB’s Ken Crompton if bonds are back in fashion. They are for now, says Ken, but he doesn’t discount the idea that we’ll see 10 year Treasuries hitting 5% sometime soon. Pauses from central banks are certainly helping to push risk assets higher, with equity markets doing particularly well. The Bank of England and Norge Bank both kept rates on hold yesterday, with the BoE revising its UK growth forecast down to zero for 2024. Tonight, non-farm payrolls will be watched closely.
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