Asked on QT bucket changes

Ramsden: Very open in the Minutes about drawing attention to moves in the long-end of the gilt market. The rise in 10-year and 30-year yields particularly in the US has been a real feature. Does this change the outlook for QT? Not at all. Want the operations to be as predictable as possible. So the moves in yield curves don't change that at all. Have set out schedule of auctions for this year and will be sticking to that. Back to bigger picture. As long-term yields go up, it's clear that higher for longer is a message from not just BOE but other policymarkers has been seen by markets. It's also possible r* may have gone up. Also term premia are driving some of the increases (don't think QT is contributing to term premia).