In Emergency Policy Statement UK Reverses Tax Plans, Markets Jump On the News - Mish Talk


Chancellor Hunt image from YouTube video clip below.

“The most important objective for our country right now is stability,” said Hunt. This was a near-total reversal of fired Chancellor, Kwasi Kwarteng. 

Markets globally reacted favorably to the news.

Market Reaction

  • Yield on 10-year UK treasuries (Gilts) fell about 40 basis points (0.40 percentage points), an unusually large move 
  • The US dollar index fell 1.15 percent to 111.88
  • Gold rose about $20 to 1,668
  • The S&P 500 is up 93 points, 2.6 percent
  • The Nasdaq is up 336 points, 3.3 percent


Image and article originally from Read the original article here.

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