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MNI view: Changes to QT buckets still possible; but not base case for Q1-24

GILTS
  • MNI comment: Ramsden was very careful not to commit to no changes in buckets for anything other than the calendar that has already been announced for 2023. His comments probably do raise the bar a little to changes on 15 December when the schedule for Q1-24 will be announced as he notes that QT has not contributed to any of the change in term premia but we still think this is something the Executive of the Bank and the Markets team at the Bank (not the MPC) will consider.
  • So in our view, changes could still be possible from Q1-24, but it's not the most likely outcome at this stage.

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