Markets and operations 1998 Q4

Quarterly Bulletin 1998 Q4
Published on 01 December 1998
  • The Bank’s repo rate was left unchanged in the third quarter.
  • Implied interest rates given by the December short sterling contract fell by around 90 basis points.
  • Long-dated gilt yields fell to their lowest levels since the late 1950s.
  • UK equities fell back to around their end-1997 level after reaching a record peak in July.
  • Sterling fell during the period as the markets expected the UK repo rate to be reduced.
  • International developments had a greater influence on the markets from the middle of the quarter.

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