Fallen angels provide lucrative work

Fund manager's comment

While several commentators initially lamented the MPC's failure to deliver a more significant increa...

While several commentators initially lamented the MPC's failure to deliver a more significant increase in rates than the most recent hike to 4.75%, it seems that its policy of 'little and often' has at last begun to work. But while there are clear signs that the UK property market is finally coming to a rest, the news of the fifth successive interest rate rise since November hardly registered with fixed interest markets. The fact the gilt and investment grade markets had already priced in the move was only to be expected, considering the Bank of England's efforts to telegraph its intenti...