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Focus on QT

GILTS
  • The MNI Policy team published a story yesterday at 17:11BST noting that the Bank of England Executive would consider pushing back the start of active gilt sales which are currently scheduled to begin 31 October. See the full story here.
  • The FT followed up that story 12 hours later at 5:00BST this morning noting that the Bank is "likely to delay the start" of the programme and that "the bank’s top officials have come to this view after judging the gilts market to be “very distressed” in recent weeks, a view backed by its Financial Policy Committee."
  • In yesterday's Gilt Week Ahead (see here) we talked through some of the options that the Bank had for the evolution of its balance sheet. These include skewing the programme towards sales of short and medium dated gilts (rather than long-dated gilts).
  • In the Policy Team's story, they outline that the decision on whether to delay active gilt sales will be made by the Bank's Executive (Bailey, Broadbent, Cunliffe, Ramsden and Woods).
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