He does not want a rapid break in bond prices to snuff out the jobs recovery before it has a chance to catch hold.

oil had a measurable impact on prices paid before the storm (Hurricane Katrina). Given the fact that we are now seeing energy supply interruptions the prices paid index will almost certainly be back above 70 next month, and it's very likely the headline index will fall further on weakness in both production and orders.

We don't expect a rapid turnaround, but the seeds of recovery are being sown.

All in all, a much more bond-friendly, stock market-hostile report than expected.

There are bargains about, share prices are low and there are not too many buyers about. We can expect more deals in the next 12 months.

But he's Bond, he's not always nice.