Bank of England said to plan gilt sales spanning 2033 to 2049
Dave Ramsden was reported to have said the resumption follows a pause in sales of longer-dated debt.
Published
The Bank of England is set to resume selling gilts maturing between 2033 and 2049, Dave Ramsden, the Bank's deputy governor for markets and banking, was reported to have said.
Markets are already pricing five rate hikes through the end of 2027, and long-dated gilt yields have rallied sharply during the pause in auctions of this maturity range. Against that backdrop, a return to selling longer-duration gilts looks like operational follow-through on the Bank's balance sheet plan rather than a shift in policy stance, and is being read as largely neutral to slightly hawkish, underscoring the Bank's commitment to normalising its balance sheet as the hiking cycle looms.