QE makes those who can afford to belong assets richer, while those who are young and having their future wealth stolen, those on low or fixed salaries, those who rent, are made poorer. As I have said before, zero per cent rates bother me not it is QE that has to go, having rapidly reached its use-by date. Having all but promised markets a rate hike next month, assuming UK employment holds up, the BOE will have some serious credibility issues on its hands if it doesn’t.

And markets reacted appropriately afterwards, GBP/USD collapsing 1.30% overnight and UK yields falling. There was no doubt long Sterling and short UK rates was a crowded trade. Possums in the headlights and central banks have been muttered a lot by me this week. The BOE did signal hikes were still on the way to their credit, probably starting in December, as did the Norges Bank yesterday. Despite telegraphing future rate hikes pre-meeting, the BOE bottled it on the day, preferring to wait-and-see the effects of employment from the end of the Government’s furlough scheme.

Last night it was the turn of the Bank of Federal Reserve Bank of England, Japan, Europe and Australia, I mean the Bank of England, to give markets another hawkishly dovish policy decision. A 22-year-old man is facing prison in Singapore for posting nudes on OnlyFans © OANDA

Night of revenge 0.20