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Toby Nangle on What We Just Learned From Gilt Market Madness

Making sense of the last two weeks in the UK.

The Bank of England is reflected in a puddle in London.

The Bank of England is reflected in a puddle in London.

Photographer: Simon Dawson/Bloomberg 

UK financial assets just experienced once-in-a-generation type moves in the wake of the government's mini-budget announcement. Not only did both gilts and the pound sell off dramatically, they rebounded just as dramatically after intervention from the Bank of England. What does it all mean? And how did pension accounting contribute to the massive volatility? On this episode of the Odd Lots podcast, we spoke with Toby Nangle, an economics and markets commentator, who spent several years running asset allocation at Columbia Threadneedle. He explains why we saw such a dramatic move and what the whole thing taught us about market structure.

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