The Bank of England will step up the pace it’s unwinding its quantitative easing portfolio of bonds, reversing a vast stimulus program it deployed through the financial crisis and pandemic. The Monetary Policy Committee said its balance sheet of government debt will shrink by £100 billion in the second year of so-called quantitative tightening through bonds maturing or being sold. That’s a faster pace than the £80 billion reduction in gilts in the first year scaling back the portfolio. The move signals that officials led by Governor Andrew Bailey are determined to normalize policy settings after the emergency program ... (full story)