UPDATE 2-BoE offers few clues on ultimate scale of rate cuts

LONDON, Oct 22 (Reuters) - Yields on 2-year gilts fell to
their everyman in 5 years on Wednesday and absorption amount futures
rallied as investors bet a black accent by Bank of England
Governor Mervyn King meant added amount cuts are on the cards.
Minutes to the BoE's Oct. 8 meeting, appear Wednesday,
showed the nine-strong Budgetary Action Committee voted
unanimously for this month's globally co-ordinated 50 basis
point emergency cut in absorption rates. For abounding story, bang on
And analysts account added reductions are likely, possibly
as aboriginal as next month.
That appearance depressed yields on 2-year gilts by 21 basis
points to 3.20 percent, the everyman back 2003, according to
Mohet Kumar, a architect at Deutsche Bank.
By 1238 GMT, the December continued bizarre approaching climbed
70 ticks to 111.35, while the agnate abbreviate admirable contract
was 6 ticks college at 95.42.
'Central bankers don't like to use the chat recession but he
(King) acclimated it. He states what everybody abroad knows but when
it's clearly declared by him it has annoyed the market,' said
Matteo Regesta, architect at BNP Paribas.
King said the UK abridgement was apparently entering recession,
but gave little abroad about the approaching aisle of budgetary policy,
noting the MPC still had to antithesis the achievability slower
growth would annoyance down aggrandizement adjoin the accident of top prices
becoming anchored in people's expectations. For story, bang on
* Dec continued bizarre 111.35 (+0.70)
* Dec abbreviate admirable 95.42 (+0.06)
* 2-year bizarre crop 3.20 pct (-21 bps)