- 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.
Published on
01 December 1998
Markets and operations 1998 Q4