Either way, the run-up to the auction on September 29 will do nothing for frayed nerves. In theory, the yield gap is sufficiently comfortable to allow equities to progress even if gilts are becalmed.
But over the past year, its shares have been becalmed as investors chase UK recovery stocks.
Before the acquisition of a controlling interest in Star TV last month, its shares were becalmed. They have since risen by 20 per cent, adding another leg to the bull run stretching back to 1991.
Mr. MacKinnon said he anticipated the becalmed bond market back in June 1989, when the yield on long Treasurys was about 8.5%.
The self-conscious slowness of previous years has disappeared, the music was spaciously, seamlessly unfolded but never becalmed.
Another question is whether borrowers can keep up the pace before the market is becalmed by the Christmas doldrums.