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GERMAN AUCTION RESULTS

Technically uncovered Schatz auction (again)

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  • Bank of England keeps policy rates unchanged, as well as total asset purchase target - alongside expectations.
  • Outgoing MPC member Haldane voted to trim the asset purchase target by GBP 50bln in an 8-1 vote for no change to purchases.
  • The Bank notify markets that the pace of weekly bond buying will slow to GBP 3.4bln per week, down from the prior pace of GBP 4.4bln, but state this slower pace of purchases is not a change in policy.
  • Markets volatile upon release, with GBP/USD falling sharply initially, before bouncing to trade above pre-release levels in recent trade. Gilt futures initially spike to touch 128.51 before paring the move.
  • Policy summary and minutes here: https://www.bankofengland.co.uk/-/media/boe/files/monetary-policy-summary-and-minutes/2021/may-2021.pdf