0845 GMT - Sterling and U.K. government bond yields extend their recovery slightly after Bank of England chief economist Huw Pill signalled gradual interest-rate cuts. Speaking at a conference in London on Friday, Pill said further rate cuts remain a prospect if the economic and inflation outlook evolve as expected but it's "important to guard against the risk of cutting rates either too far or too fast." His comments come after BOE Governor Andrew Bailey told the Guardian more aggressive rate cuts were possible, hitting sterling and gilt yields. GBP/USD rises to 1.3169 after Pill's comments from 1.3143 beforehand and EUR/GBP falls to 0.8374 from 0.8392. Ten-year gilt yields are last up four basis points at 4.053%, according to Tradeweb. (renae.dyer@wsj.com)
(END) Dow Jones Newswires
October 04, 2024 04:45 ET (08:45 GMT)
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