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Bridge over troubled water
- With no moves expected from the main central banks this week, markets were closely watching for any hints of an imminent shift in monetary policy on the back of the Middle East conflict.
- Most revealing of the major central banks was the ECB, which published several scenarios based on the potential paths for oil and gas prices.
- For the Fed, Chair Powell played a straight bat, as ever, on the outlook while acknowledging the current uncertainty.
- The Bank of England’s muddled messaging ensured a wild ride for UK rates and gilt markets yesterday, with the striking unanimous 9‑0 vote on the MPC and hawkish tone to its statement.
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