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BOE to Start Gilt Sales Nov. 1, Focus on Short and Medium Debt
The Bank of England will start its delayed bond sales early next month, but will initially exclude the long-dated debt at the heart of recent market turmoil following the government’s ill-fated fiscal plans. The announcement of so-called quantitative tightening is a statement of intent from the central bank, which had been on the defensive for weeks after fallout from massive unfunded tax cuts forced it to start buying gilts again in order to avert a fire sale by pension funds. The market chaos was a major distraction, with the central bank trying to focus on monetary tightening to tame inflation that stands near a ... (full story)