The BoE Capitulates

Faced with a total collapse of the UK bond market, the Bank of England threw in the towel today and fully reversed course from QT to QE. This is, of course, coming to all central banks in a matter of time so be sure to notice the market reaction today.

Even as we wrote just yesterday..."the coming rally is going to melt your eyebrows". And it is. Is this move by the BoE the start? No, probably not. Your Monetary Masters will view this as just a one-off that the BoE will need to manage. But rest assured. Renewed QE and rate cuts ARE THE ULTIMATE OUTCOME. It's just a matter of time...

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Key Economic Events Week of 12/5

12/5 9:45 ET S&P Services PMI
12/5 10:00 ET ISM Services PMI
12/5 10:00 ET Factory Orders
12/7 8:30 ET Productivity
12/7 8:30 ET Unit Labor Costs
12/8 8:30 ET Initial Jobless Claims
12/9 8:30 ET PPI
12/9 10:00 ET UMich inflation exp.

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