BoE’s Pill: gilt purchases not aimed at capping long-term rates By Reuters
Economy 10 minutes ago (Sep 29, 2022 16:43)
© Reuters. FILE PHOTO: A general view of the Bank of England (BoE) building, in London, Britain, August 4, 2022. REUTERS/Maja Smiejkowska/File Photo
LONDON (Reuters) – The Bank of England’s new programme of government bond purchases is aimed at curing market dysfunction, not capping yields or offering cheaper credit to the government or financial institutions, BoE chief economist Huw Pill said.
“They are not intended to cap or control longer-term interest rates or to offer more favourable underlying financing conditions to the institutions involved – or, for that matter, to the government – than would have prevailed in an orderly market environment,” Pill said in a speech text.
BoE’s Pill: gilt purchases not aimed at capping long-term rates
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