Amid the largest bond market swings since 2008, traders are lifting bets on interest rate cuts in contrast to hawkish rhetoric from global central bankers.
The Bank of England raised interest rates for the 11th successive time as it faces a resurgence of inflation that unexpectedly accelerated to 10.4 per cent in February, and warned traders to brace for more rate pain ahead.
The UK cash rate of 4.25 per cent is now at its highest level since 2008, with the Swiss National Bank threading the needle on Credit Suisse’s implosion to lift interest rates 0.5 percentage points to 1.5 per cent, while Norway’s central bank increased rates 0.25 percentage points to 3 per cent, and On Friday, the yield on one-year Australian government bonds fell 4 basis points to 3.11 per cent and has now collapsed 66 basis points since trading at 3.77 per cent on February 23.
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