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Bonds round-up
Wed, 23 Jul 2008, 17:16:00
Gilts are down as expectations of possible rise in interest rates were heightened after minutes from the Bank of England's meeting showed policymakers were tugging in all directions.<br /><br />Timothy Besley argued for a rise to help combat inflation. The professor became the first Monetary Policy Committee (MPC) member to call for higher borrowing costs in over a year, minutes from the July 9-10 gathering revealed today.<br /><br />As expected, perennial dove David Blanchflower voted for a quarter point cut, but the other seven MPC members, including governor Mervyn King, won the fight to keep rates at 5% for the third month in a row. <br /><br />In other news, new mortgages approved by the big banks tumbled 23% month-on-month to hit a new low in June, according to the latest figures from the British Bankers Association.<br /><br />Ten-year gilt yield is up 4 basis points to 5.04% while the two-year gilt yield is up 6 basis points at 5.1%.<br /><br />German bunds are mixed while the US ten-year treasury yield is up 4 basis points to 4.14%.
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