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Bailey asked on costs of QT and what happens when B/S at steady state

BOE
  • Bailey says BOE ave asset maturity is much longer than the Fed. So BOE needs to do more active sales whereas Fed can do passive runoff. Also notes that the losses of selling now would be mirrored by losses through cost of carry if held to maturity. Demand for debt in UK (and globally) is high - so no problem selling gilts.
  • He says there is a question when we hit steady state reserve level - do we continue QT which will reduce interest rate risk from the balance sheet. That will be a genuine decision to take.
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