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Takeaway: BoE cut rates by to 0.25%, increased its QE target to £60 billion, which included £10 billion corporate bond purchases. ↓ GBP, ↓ 10yr Gilt

Carney did his best to devalue the purchasing power of The People yesterday (a little “market security” in exchange for what was a great driver for the UK consumer economy in 2015, #StrongPound). He got the GBP/USD down to $1.31 while blasting the 10yr Gilt Yield down to 0.63% where it’s holding this morning, down -14bps month-over-month.

Central Planning 101: BoE Crushes The People's Purchasing Power - pound 8 5

UK 10-year Gilt Yield

Central Planning 101: BoE Crushes The People's Purchasing Power - uk gilt 8 5

Editor's Note: The snippet above is from a note Hedgeye CEO Keith McCullough wrote for subscribers this morning. Click here to learn more.