UK market reactions to the better-than-expected inflation data include: Lower interest rates (by 9 bps for 10-year Gilts, outperforming German bunds and US Treasuries), Stock market out-performance (up 0.6%), and A weaker currency (by 0.5%). #economy #uk #markets #econtwitter

Re: Druckenmiller's comments, the only time my records show the 10-year was at "70bps" and the 30-year at "180 bps" was under Steven Mnuchin, Pres. Trump Treasury Secty. So perhaps he committed "the biggest blunder in Treasury history?" I don't think so. While Mnuchin built the average duration of the treasury's portfolio back up from a pandemic-induced low, Yellen brought it back to 72 months (avg. during her tenure), above the prior five-year average of 69 months. In covering 5 administrations, every Treasury (Republican and Democrat) has told me during times of low or high rates that their primary objective is to be "reliable and predictable." Specifically, their aim is not to game the market when rates are low. Perhaps it would have been best to term out the debt, but that needs to be weighed against the negative impact it might have had on the market and buyers and the longer-term needs of the government to continue to sell debt.