Reeves will deliver her Spring Statement at around 12:30 p.m. The Treasury spent months planning for it to be policy and news-free in general. Man plans, God laughs…
Events have led to some highly unwelcome economic statistics:
- 10-year gilt yields are up 0.176 today.
- 25-year gilt yields are up 0.175 today.
- 2-year gilt yields are up 14 basis points to 3.78, the highest since December.
- Global benchmark brent crude price up 9% above $85 per barrel.
The market is now pricing in only one quarter-point interest rate cut by the end of the year. The chances of a cut this month were slashed from 90% on Friday to 30%. Reeves likes to point to rate cuts as evidence that her economic programme is working. The genie is not with Labour…
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