5Aug2022 英央行不乐观前景导致英镑大跌

【今日单词】Dovish /ˈdʌv.ɪʃ/(反义词：hawkish)adjective1. (especially of a person in public office) advocating peace, compromise, or a conciliatory national attitude. 例句：Mr. Weizman made his name as one of Israel's most celebrated fighting men, yet he worked to transform himself into a dovish politician.2. Economics. advocating low interest rates or other monetary policies aimed at reducing unemployment rather than inflation.例句：With the jobless rate in double digits, the same dovish remarks can be expected from other Federal Reserve officials.3. like or resembling a dove or any of the bird’s typical features or behaviors.例句：The sofa fabric is a soft dovish gray.原文如下：The day in the marketsWhat you need to know• Pound slips after gloomy Bank of England forecasts• Central bank sharply increases interest rates and warns of looming recession• Core government bonds jump on haven buying and monetary policy betsSterling weakened yesterday after the Bank of England raised interest rates by the most in 27 years but warned of a protracted recession and a further surge in inflation.The pound dropped 0.7 per cent against the euro to €1.1865. Sterling had fallen by a similar margin against the dollar but shed those losses later in the session, reflecting a broad rise in the US currency.In fixed income markets, the yield on the 10-year gilt fell as much as 7 basis points to 1.81 per cent as the price of the debt rose to reflect haven buying as well as speculation that the BoE may hold back from future rate rises if a lengthy recession materialises. The decline in yield faded later in the trading session.“The price action we are seeing at the moment in response to the largest hike in 27 years is not what you would usually expect,” said Karim Chedid, head of investment strategy for Europe at BlackRock’s iShares unit.“It is a dovish reaction,” he added, because “the market views the BoE as unable to continue with the same level of [monetary] tightening against this economic backdrop”.As well as increasing its benchmark interest rate by 0.5 percentage points to 1.75 per cent yesterday, the UK central bank also raised its forecast for inflation to peak at just over 13 per cent this year, up sharply from a previous estimate.It also warned that the nation’s economy would shrink in the final quarter of this year and contract for all of 2023.US and eurozone governments bonds also rose in price, taking a cue from the BoE that other central banks may be forced to soften stances against inflation to balance supporting economic growth.The yield on the 10-year US Treasury note fell 6bp to 2.69 per cent.Wall Street’s S&P 500 fell 0.3 per cent and the tech-focused Nasdaq Composite was flat. The Nasdaq has gained 15 per cent since June 30, buoyed by strong tech sector earnings as well as predictions of lower interest rates that boost the valuations of higher growth companies. The bounceback followed the worst first half of the year for US stocks in half a century.The pan-regional Stoxx Europe 600 gained 0.2 per cent.“This is a bear market rally,” said Willem Sels, global chief investment officer at HSBC’s private bank, with markets “incorporating a view that inflation will quickly come down and there will be a big pivot by central banks”.(Source: The Financial Times)

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