+2% at $US96.15 a tonne
The central bank has already raised its benchmark interest rate four times this year, with the last two increases by three-quarters of a percentage point. Wall Street expects another raise of three-quarters of a percentage point at its next meeting in November. Wall Street is also reviewing the latest earnings reports for more clues about how companies are dealing with inflation.
The pound and British government bond prices rose in anticipation of the policy shift, but they retreated after Truss gave a short news conference on Friday, which underwhelmed analysts.“Undertaking a U-turn that is forced doesn’t really give the impression that Liz Truss is driving forward with a credible policy plan but rather reacting to developments as they unfold, which itself doesn’t engender much confidence,” said Richard McGuire, head of rates strategy at Rabobank in London.
what/why/who? - treasury bonds