Pound fails to recover but reports suggest BoE could extend bond-buying programme
, needed more time to avoid the forced selling which led to the Bank's 28 September intervention.
The pound also weakened against the Euro. A pound was worth €1.27 in overnight trading, the lowest since 29 September. Some value was recovered this morning when £1 could buy €1.13.'Of course I have confidence in BoE governor' Mr Bailey's comments in Washington followed a series of interventions to support the"dysfunctional" market in the wake of the wider meltdown over the government's mini-budget., saw the Bank snap up index-linked gilts, government bonds with interest payments in line with inflation.- a type of government bond that make up a large proportion of pension pots - to steady market jitters.
They saw yields - the rate demanded to hold government debt - shoot up as pension schemes tried to raise hundreds of billions through firesales of government and corporate bonds to meet cash calls - the latest coming from providers of so-called liability-driven investment strategies.
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