Thursday, 10 December 2009

Pre-Budget report: the nasty come-down

Telegraph
"The gilts market is having the hangover from hell this morning, as the nasty realisation dawns that the pre-Budget report was an exercise in smoke and mirrors of the Brownian type....At first glance, the PBR, as I said in my analysis piece this morning, was ostensibly convincing. But the more you dig in, the more flaws become apparent."

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