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LONDON, Sept 22 - If the Bank of England is indeed done hiking rates, it calls time on a dire couple of years for British government bonds - even as the central bank offloads more of its gilt stockpile.
To be sure, Britain has been an inflation outlier to date in the post-pandemic price surge. It has struggled more than most with the Russia-seeded energy shock and gilts suffered severe credibility damage in the aborted budget giveaway one year ago. "Gilts look at attractive levels with the BoE on hold," said Franklin Templeton's David Zahn, adding FT was now positioned"long duration" in its gilt fund and had added currency-hedged gilts to its European fixed income accounts.
"Without hiking rates again, the impact of rate hikes will continue to ramp up," said ING's James Smith, adding that the length of time rates stay high is much more important than how high they go in the short term.
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