BoE begins unwinding gilt market intervention

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

The Bank of England began to unwind its intervention to support the gilt market today (November 29), marking a new phase for the central bank’s balance sheet policy.

Bonds held under the “financial stability gilt portfolio” will be offered to interested parties in three “demand-led” operations each week, the first of which took place this afternoon.

The BoE received bids of £480 million ($576 million) in the first operation, and sold bonds worth £346.4 million, reducing the portfolio by around

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