A Tactical Budget

Hardys

Rishi Sunak’s second Budget Statement was a hotly anticipated affair. After setting out the roadmap to navigate the COVID crisis, the Chancellor was able to mark down the route out of economic crisis. The pandemic has left a black hole in Britain’s public finances and, while vaccines and gently easing restrictions will help get things…

Stock markets are finding they cannot have it both ways

Hardys

Another week of bond market price falls has pushed ten-year government bond yields upwards everywhere except Japan. The US ten-year yield experienced the biggest rise of the developed world, up almost 20 basis points (0.2%) since last Friday to a yield of 1.6%. Just as over the previous week, that fed through to US equity…