Bank of England continues cautious approach to gilt buying

After launching an emergency bond buyback programme last week, the central bank has been holding auctions to purchase a maximum of £5bn in gilts every day. However, the bank stayed well below its maximum yesterday, purchasing just £22.1m in gilts, compared to £1.89bn that was offered by bond investors and rejected. Kwarteng brings forward second fiscal event In the four operations since the buyback program began, the bank has bought less than £3.7bn in gilts compared with a maximum of £20bn and has been offered less than £8bn by investors. The central bank has only hit its £5bn ...