Tommy Stubbington

Rumbled

🚨I'm starting a new job today as the FT's Senior Markets Correspondent #delighted Keen to talk rates/FX and big global capital-markets stories, do get in touch at ian.smith@ft.com

Bonus Season 2024: Are you expecting a payout, or a doughnut? 🍩 The @FT’s *anonymous* bonus survey is now open. Last year, most said they would invest any cash, and one in six said they would pay a chunk off their mortgage. But one guy bought a boat!🛥 survey.ft.com/jfe/form/SV_5B…

🚨Job news! Excited to join the FT’s markets desk today covering sovereign bonds and currencies. Anyone with rates and FX story ideas, please get in touch: mary.mcdougall@ft.com

This chart going to zero: end of an era. We'll still have the memories, I guess. Nice hit from @TomStub on what it means ft.com/content/35779b…

Interest rates are rising; easy money is over; the cracks are showing. If you fancy a really jolly @FT film to kick off the holidays, come with us as we guide you through what could go wrong in financial markets in 2023 Ho ho ho youtu.be/lFAQ0Euv724

‘Who is going to buy?’ UK set to unleash historic debt deluge via @FT ⁦@TomStub⁩ ⁦@bankofengland⁩ As the UK awaits record bond supply, I am amongst other gilt market participants considering who will buy and what impact this might have #gilts on.ft.com/3h6ePmj

@toby_n @LeCharteur_ @DuncanWeldon @darioperkins @Gilesyb Thanks Toby! Is that because UK PF money is run by global asset managers that get counted as foreign?

Excellent reporting by the @FinancialTimes on the challenges the UK gilt market will face going forward as Govt issues more debt and #BoE drives ahead with #QT. The FT rightfully says who will be buying and quotes Carney that the UK will rely on kindness of strangers. 1/2

“Jeremy Hunt has delivered a budget which has not seen gilt yields go to the moon and the pound crater, so this is roaring success so far” ft.com/content/e0606c…

Investors say they're not baying for austerity 2.0, and that Rishi Sunak's government risks learning the wrong lessons from the gilts crisis ft.com/content/514f26…

LDI pension schemes have effectively subsidised long-term UK government borrowing for the last 20yrs - but that demand is fading, helped by the recent crisis. Important column by @patrickjenkins_ ft.com/content/8d05c9…

@JohnWMidgley more of a Sugababes kind of place

@JohnWMidgley Or Trigger's broom. Plenty of options

@JohnWMidgley just like the Sugababes

"How much does a kwarteng cost?" @Louis_Ashworth attempts to quantify Britain’s moron risk premium ft.com/content/089082…

Markets seem happy with Hunt's statement - via @TomStub: - Sterling up 1.3% at $1.1316 against the dollar - 30 year gilt yields trading 0.42% points lower, 2 year yields down 0.28% points, 10 year yields 0.36% points lower ft.com/content/d653d3…

30-year gilt yields have now gone up 50bps and then all the way down again over the last three days. Totally normal, healthy market ft.com/content/102a51…

Gilts are selling off again and we're getting pretty close to the levels that prompted the BoE's initial intervention two weeks ago ft.com/content/7d2da6…

Where we are in gilts - absolutely extraordinary. 30-year bonds are not meant to move like this - rpt by @adamsamson @TomStub @JosephineCumbo ft.com/content/c7ed96…

@Disco100418091 @RachelReevesMP The FT is correct. The BoE commited to buy up to £5bn a day for 13 days but after the first five days they have bought just £3.7bn of bonds. The maximum possible size of the programme was £65bn but in practice it will end up being far smaller.

@RachelReevesMP @TomStub Tommy - who is correct, FT or RachelReeves. She tells be BoE spent £65bn whereas you say only £3.7bn?

The Chancellor’s speech shows us a Tory government out of touch, with no understanding of its own appalling record on growth. What the Chancellor called “a little financial disturbance” is a huge economic bodyblow to working people meaning higher prices & soaring mortgages. 1/3

“This is the babiest of baby steps to regaining fiscal credibility” - markets respond to Truss tax U-turn ft.com/content/847afd…