Gilt market shock ‘far exceeded’ historical price moves – BoE’s Cunliffe

Jon Cunliffe
Jon Cunliffe
Photo: Bank of England/Flickr

The September 28 shock to the UK’s sovereign bond market was so large it exceeded historical parallels, the Bank of England’s Jon Cunliffe said.

The shock to the gilt market surpassed the assumptions in non-bank stress tests’ assumptions, Cunliffe said in a letter to a parliamentary committee on October 5.

The BoE’s deputy governor for financial stability said it was important that non-banks that use leverage are “resilient to shocks”. But the “scale and speed” of the bond market repricing

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