The price of interest rate futures is basically the inverse of interest rates; if interest rates go up, futures prices go down and vice versa. Which is why this chart, downloaded five minutes ago cheered me up no end.
What exactly happened to the UK economy in May and June? After such a dramatic fall, prices/interest rates superficially stabilised during July, but now appear to have recommenced their downward lurch. Is the economy really picking up, or are people starting to worry about longer term inflation, or are they starting to worry about the solvency of the UK government?
