BoE begins unwinding gilt market intervention
Use of “reverse enquiry window” designed to limit market impact from £19 billion sales
The Bank of England began to unwind its intervention to support the gilt market today (November 29), marking a new phase for the central bank’s balance sheet policy.
Bonds held under the “financial stability gilt portfolio” will be offered to interested parties in three “demand-led” operations each week, the first of which took place this afternoon.
The BoE received bids of £480 million ($576 million) in the first operation, and sold bonds worth £346.4 million, reducing the portfolio by around
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