Who can sack the BoE governor?
Financial markets now think borrowing costs could leap to a high of 5.75 per cent, up more than a percentage point from their current level of 4.5 per cent
The headline suggests its definitely going to happen, rather than market predictions.
As the saying goes “Never let the truth get in the way of a good story” but:
-Gilt yields are through the roof
-Job report was hotter than expected
-Wages grew at 7.2%
And we’re now definitely in a wage price spiral according to Bailey along with slow growth.
Classic 70’s style stagflation
The only silver lining is that it seems the Tories won’t be saved at the next election by inflation dropping like a stone like they hoped
Tories are dead in the water, and Fishy Rishi is well primed to take the fall - not that he will mind a bit of scapegoating, he will sit back with his billions and go on to be a Tory Blair or whatever.
The rest of us are wrll fucked though
And the previous market expectations were 5.5%
