So the great pivot to loosening is in play, which I forecast would happen in June. Staring down the double barrel of a systemic crisis, a sovereign bond crisis, and collapsing GBP, the Bank of England capitulated on September 28 and reverted to buying gilts. The tightening until it breaks mantra to fight inflation did not take long for the tough-talking inflation-fighting Hawks to step out of the ring as soon as they saw a knockout...
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