Short Sterling – March 2009 |
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Comment: The pressure over year-end has not dissipated and the spread of very long-dated Gilts over shorter maturities is close to a record; one can only assume their traditional buyers, pension funds, don’t have the money to do so. The Bank of England’s recent conversion to a Japanese-style zero interest rate policy is welcome, but probably too little too late. Politicians still do not understand why banks aren’t lending money or what deflation means to debt. This March 2009 contract is still
Filed under: Technical
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