Daily Alert – Tuesday 11th October 2022: In office but not in power

Mark NugentDaily Alert, October 2022

Daily Alert – Tuesday 11th October 2022: In office but not in power

Good morning.

Yesterday was quiet. Risk sentiment was indecisive. Equities were flat. Currency movements were modest. Bond yields rose on both sides of the Atlantic.

Russia lobbed missiles at dozens of civilian sites in Ukraine. The EU said, “war crimes” and the US promised yet more high-tech weaponry for the Ukrainians.

It was revealed that the UK Prime Minister and Chancellor’s choice for the new Treasury permanent secretary, one Antonio Romeo, has been rejected by the…Treasury. I’ll paraphrase what the Treasury are reported to have said: “She’s a lightweight and we won’t work with her. There are lots of good people here. Choose one.” The PM and Chancellor have acquiesced. Mr James Bowler, a 20-year Treasury veteran, gets the gig.

Never has fellow Scot and ex-chancellor Norman Lamont’s quip about “being in office but not in power” been so apt.

Looking ahead, the calendar remains sparse. It may stay quiet in the run-up to Thursday’s US inflation.

I’ll be back tomorrow.

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