A view on the markets during spring from the Bank of England

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Andrew Hauser, Executive Director for Markets at the Bank of England gave a speech giving deep insights into the behaviour of the global markets during the early part of this year. The full transcript with charts is available to download. 

  • The demand for US Treasuries
  • US equity prices
  • The demand for dollar funding and Swaplines from the US Federal Reserve
  • The gilt market and bid/offer spreads
  • Sterling money market spreads
  • UK bond issuance
  • UK DMO funding plans
  • The impact of remote working within the bank (and how many calls per day they make)

One closing statement:

But it is far too soon to take a lap of honour, even on the narrow stage I have occupied today. Financial markets could come under strain again, if there is another leg to the global infection cycle, or if economic data come out persistently worse than expected. And even if – as hoped – we escape that, the sheer scale of our interventions means we must, in time, ask ourselves hard questions about the financial markets we rely upon, and their potential to amplify the sort of ‘dash for cash’ we saw in March and April.

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