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		</div><p>The ECB raised its key policy rate by 75bps from 0.75% to 1.59%, reaching its highest level since 2009.</p>
<p>The ECB also made changes to its reserve remuneration and TLTROs, creating incentives for banks to repay them early. This is a less hawkish tone than usual from the ECB, with no discussion of QT and adjusting the language of its guidance</p>
<p>The Euro area composite PMIs contracted further in October and are consistent with recession. All headline indicators are below 50, and forward-looking indicators tell us more decline is on the horizon.</p>
<p>In the UK, gilt yields declined sharply and have returned to the levels seen before the September mini budget as investors welcomed Rishi Sunak&#8217;s confirmation as the UK&#8217;s new (and third) Prime Minister this year. UK Chancellor, Jeremy Hunt, has delayed the date of his debt-cutting plan from October 31 to November 17.</p>
<p>The US 10-year yield declined on the week, falling back below 4%, driven by a mid-week rally related to the Bank of Canada&#8217;s unexpected decision to raise rates by 50bps instead of 75bps.</p>
<p>In the currency market, the dollar gained on the euro as markets interpreted the ECB meeting as dovish.</p>
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