The Bank of England’s ￡65bn bond-buying intervention, which initially succeeded in restoring a semblance of calm to markets, has been much smaller than advertised.
Over the first 10 days of the operation, the BoE has purchased just ￡8.8bn of gilts. Although its daily size was doubled on Monday, and expanded to include inflation-linked gilts on Tuesday, there is little sign the central bank is going to get anywhere near the maximum potential size of the programme by the time it ends on Friday.
The scale of buying has remained relatively modest even as chaos in the gilt market reignited on Monday, with 30-year yields seeing their biggest rise since the central bank stepped into markets last month.
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