Thursday 22 February 2018

Brendan Keenan: Bond yields just a symptom of the state of our economy

Brendan Keenan

Brendan Keenan

YESTERDAY'S "bond auction" generally got top billing over yesterday's employment figures. Arguably, it should have been the other way round.

The business of bond yields, which has so obsessed commentators and politicians, is a symptom, not a disease. Ultimately, it is a symptom of the state of the economy. The employment figures illustrate the disease.

It was possible to take some comfort from both sets of data. The National Treasury Management Agency (NTMA) easily managed to borrow the €1.5bn it was seeking this month. But it had to pay a fancy interest rate of more than 6pc for funds repayable in eight years.

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