BoE becomes reluctant market-maker of last resort

The Bank of England at night
The Bank of England at night

On September 28, yields on UK government bonds – gilts – at the 30-year maturity crossed the 5% mark and continued upwards. The yields had been climbing rapidly, with the odd lurch, since September 23. The proximate cause was the UK government’s ‘mini-budget’, which contained a mix of hefty spending pledges and major tax cuts that investors did not take kindly to.

But the scale of the climb – yields had been 3.7% on September 23 – indicated something deeper was wrong. The Bank of England

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