Monday 11th October 1982
Mkts very active - Peter M [Peter Middleton] phoned to suggest that Volker’s [Paul Volcker] statement had fuelled a downward slide in interest rates in USA
MS [Michael Scholar] came to explain great SECRECY over Minford’s Report - only selected Ministers - carried by special messenger to Elephant + Castle
- but quite absurd because no class in Liverpool - no class in Liverpool - no class material
No public money spent on it
CPS Lunch with 2 Guardian and 1 Times (Stotherd) [Peter Stothard]
Mtg with D/E man - Tebbit intends to push ahead with Union Officer Postal Ballots and contracting IN.
not going on to Immunities yet a while
Pete M [Peter Middleton] said Bank wanted to issue £1Bn 1990 - but negotiated £1 Bn 1988
- with a QPQ - i.e. buy £1 Bn 1992-3’s - 9½ coupon but 10.4 yield - still too high.
¼% fall in Intervention Rates
were offered bid for bills in band 1 at ½% Fall so didn’t deal
Dow Jones 1000+
FT 600+