The Bank of England launched a historic intervention to stabilize the U.K. economy, announcing a two-week purchase program for long-dated bonds and delaying its planned gilt sales until the end of October. The move came after a massive sell-off in U.K. government bonds — known as “gilts” — following the new government’s fiscal policy announcements Friday. The policies included large swathes of unfunded tax cuts that have drawn global criticism, and also saw the pound fall to an all-time low against the dollar on Monday. The decision was taken by the bank’s Financial Policy Committee, which is chiefly responsible for ... (full story)