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- Title
Markets and operations.
- Abstract
This article reviews developments since the Summer Quarterly Bulletin in sterling and global financial markets, in market structure and in the Bank's official operations.(1) International short-term nominal forward interest rates fell, as market participants appeared to revise downwards their views on the likely future path of monetary policy. Nominal forward rates at longer maturities also fell. Equity markets were little changed and, except in Japan, remained close to the levels prevailing at the start of 2004. Credit spreads narrowed, particularly on high-yield and emerging market bonds. Measures of implied and realised volatility have generally been low across financial markets. The Bank announced on 22 July the main results of its review of its operations in the sterling money markets. INSET: Management of the Bank's sterling bond portfolio.
- Subjects
INTEREST rates; FINANCIAL markets; SECURITIES trading; MONETARY policy; ECONOMIC policy; MONEY market
- Publication
Bank of England Quarterly Bulletin, 2004, Vol 44, Issue 3, p265
- ISSN
0005-5166
- Publication type
Article