BoE emergency bond purchases drop to zero
Central bank had offered to buy £5 billion per day, but actual purchases have been much smaller
The Bank of England’s purchases of longer-maturity UK government bonds fell to zero today (October 4), in a sign that market pressures may be easing.
The BoE intervened on September 28 as a cycle of margin calls and bond sales in the pension fund sector threatened to destabilise the gilt market. It said it would buy up to £5 billion ($5.7 billion) each business day until October 14 to ease short-term liquidity problems.
Though the interventions have cut yields, the majority of the effect came
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