UK ticked off by IMF, whilst BoE goes back to QE
The Bank of England has suspended bond sales and has started buying them. NAB’s David de Garis explains why the sudden about turn. Is the crisis over for the UK?
NAB Morning Call · NAB - The Morning Call
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Show Notes
Thursday 29th September 2022
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It’s been quite a session in the UK, with the IMF reprimanding the government over it’s budget, and the Bank of England suspending its quantitative tightening, instead switching to buying longer end bonds in a move to protect pension funds. What’s all this doing to the UK’s credibility? NAB’s David de Garis talks through the events from London. In the US equities have bounced back, even though central banks show no sign of stepping back on their hawkish stance. The war in Ukraine is showing signs of escalation, with Russia now accused of sabotaging gas pipelines in the Baltic and the EU promising more sanctions this Friday. But Australia, for now, is avoiding the worst of the declines, with retail sales holding up, at least in terms of money spent. Today inflation and jobs vacancies for Australia will be keenly watched.
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