NIRP negative rates

The UK’s Post-Brexit Pension Crisis Is Getting Worse

Last week, the Bank of England threw the kitchen sink at the UK financial system in an attempt to stave off any Brexit related economic turbulence by cutting the bank rate by 0.25% and unleashing a wave of new QE as well as lending programs.

After hearing the news, 10-year gilt yields immediately fell to new time lows, the pound weakened, and risky GDP denominated assets inched higher. The most part, the market had been pricing in the rate cut since the end of June, and the price action in the gilt market was relatively expected.

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