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Huge sales today could influence APF sales decision due Friday

BOE
  • Those are huge sales from the BOE's Financial Stability Portfolio today. On MNI's very rough estimates, just under 60% of the longs purchased in nominal terms have now been sold while around 70% of the linkers have been sold.
  • There is one final operation of the year on Friday, but the scale of the sales could influence the decision on whether the BOE starts to sell long-dated gilts from its APF portfolio (the QE portfolio). The decision for that is also due on Friday (it's not an MPC decision).
  • For more on the options for the BOE on that decision see the bottom of page 3 in our BOE Preview.
  • Gilt futures hit their low of the day on the results but are now back to prevailing levels but the 10s30s curve is over 2bp flatter (to be around 1bp flatter on the day overall after opening steeper following the soft CPI print this morning).
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