John Stepek

speaker

2,551 appearances 28 recordings 1 series first heard Apr 2026 last heard 18 Sep

John Stepek’s voice in public audio — every appearance, attributed to the second.

Trend

recordings per month · last 12 months

Recordings per month over the last 12 months — 28 in all, peaking in Jul 2026 with 7.

Appearances

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Merryn Talks Money · Can Governments Afford These Interest Rates? · 18 Sep 2026 podcast

Um and nothing. matched

Because matched

And and that's what's happened. matched

Um, in fact, the the yields on the long term bonds, because what they've said is matched

For a start, we're gonna pause selling any for just now until we've worked out a kind of conversation with the debt management office. matched

That's uh that's another issue we probably shouldn't talk about yet. matched

But in terms of the actual long bonds, so anything that matures after 2049, they're not gonna sell them, they're gonna sit on them um until they mature. matched

Um and so that means looking at it, about twenty percent of the the matched

long dated guilt market is on the Bank of England's balance sheet. matched

So you've basically removed an overhang of about a fifth from the market. matched

So it's not really any wonder that the thirty year yield, which was threatening to go above six percent, has kind of dropped significantly today. matched

And also I mean, you know, maybe this marks uh a lull in the the kind of bond par ma sorry, bond market panic. matched

I don't know that I don't know that it's a turning point 'cause we've got plenty of inflation to come. matched

We get plenty of inflation to come. matched

Not by the end of the year, by the beginning of next year. matched

Yeah. matched

So yeah, above. matched

And the longer matched

bank looks stupid. matched

Yeah. matched

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