The pound extended today's decline to +350 pips and touched 1.0899.
There's now open talk of intervention. This is from a former BOE MPC member:
The weekend press isn't going to be kind to Truss and Kwarteng. They're taking a high risk of being forever cast as in the pockets of the rich as a cost-of-living crisis hits. That's the kind of thing that could quickly undo support for the Conservatives and risks blowback from within the party.
Gilt yields are up 29 bps.
