BOE says earlier report on possible delay to QT is ‚inaccurate‘

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<p style=““ class=“text-align-justify“>This relates to the earlier report <a target=“_blank“ href=“https://www.forexlive.com/centralbank/boe-reportedly-to-further-delay-qt-to-ensure-gilts-market-stability-20221018/“ target=“_blank“>here</a>. I think it would depend on what exactly they will define as being ‚inaccurate‘ but the pound did retreat a little on the news to a low of 1.1286 before keeping back around 1.1315 now – down 0.3% on the day.</p><p style=““ class=“text-align-justify“>There was also a brief jump in gilt yields, with 30-year yields moving up to 4.48% before keeping around 4.42% now – up 5 bps on the day.</p><p style=““ class=“text-align-justify“>Delaying QT is surely the right approach considering the recent fiasco and the damage to <a target=“_blank“ href=“https://www.forexlive.com/terms/l/liquidity/“ target=“_blank“ id=“633aaf0b-b4a1-40c5-8fbe-bf158af520a1_1″ class=“terms__main-term“>liquidity</a> in gilts. As such, trying to portray otherwise is a bit of a head scratcher. Mind you, 30-year yields are still some 92 bps higher than before the mini-budget announcement by Truss and Kwarteng last month.</p>

This article was written by Justin Low at forexlive.com.

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