BOE Faces Pressure to Scale Back QT Programme After Gilts Selloff -- Market Talk

Dow Jones01-09 19:27

1127 GMT - The Bank of England could come under pressure to scale back its quantitative easing programme if U.K. government bond yields continue to rise, MUFG Bank's Lee Hardman says in a note. The BOE plans to reduce its gilt holdings by GBP100 billion in a 12-month period from October 2024, including GBP12 billion through active gilt sales and the rest allowing gilts to mature. The selloff in gilts looks mainly driven by a broader repricing of long-end bonds rather than U.K. specific factors, Hardman says. "Having said that the rising cost of U.K. government borrowing if sustained will put pressure on the government to tighten fiscal policy."(renae.dyer@wsj.com)

(END) Dow Jones Newswires

January 09, 2025 06:27 ET (11:27 GMT)

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