Monthly Archives: October 2022
What a New Prime Minister Spells for the Pound’s Future
Written on October 27, 2022 at 6:30 am, by jonywang
On Tuesday, 25 October, Rishi Sunak was sworn in as the new Prime Minister of the UK. The 42-year-old is the third UK PM in 7 weeks, replacing Liz Truss, who was PM for the whole of 44 days. Sunak comes at a time of great financial instability for the UK, with Truss’ mini-budget causingContinue Reading
Liz Truss Resigns from Office
Written on October 24, 2022 at 7:11 am, by jonywang
UK Prime Minister Liz Truss resigned last week, making her the UK’s shortest-serving PM at just 44 days in office. Truss’ term has been plagued by criticism for her mini budget program, which included the biggest tax cuts since 1972, but would be largely funded by a massive expansion in borrowing. The markets are nowContinue Reading
Gold Remains Downbeat as Treasury Yields Hit Decade High
Written on October 20, 2022 at 6:36 am, by jonywang
Recession fears are plaguing the markets more strongly than ever. On Wednesday, US Treasury yields hit a 14-year high, with the 10-year note hitting as high as 4.153% as of writing – the highest since 2008’s recession. Meanwhile, the 2-year yield rose by 13 basis points to 4.57%. More importantly, the 3-month rate briefly roseContinue Reading
More U-turns Foreseen From Bank of England
Written on October 17, 2022 at 2:43 am, by jonywang
UK Chancellor of the Exchequer Kwasi Kwarteng made an unprecedentedly dramatic early exit from an International Monetary Fund event in Washington on Friday, with many thinking it was to return to the UK to prepare his fiscal plan. Turns out, Kwarteng was being asked to leave his post by UK Prime Minister Liz Truss, whoContinue Reading
