- The UK approach to QE is more transparent than elsewhere.
- QE has worked, consequences are challenging to manage.
- We have been clear we will not sell gilts into a dysfunctional market.
- Last week's MPC vote on QT pace was a pragmatic approach to reducing footprint in markets.
- I put higher weight on the need to get out of QE.
- I have more faith that the market is functioning better.
As a reminder, the BoE slowed the pace of QT last week from £100 billion to £70 billion per year to curb rising bond yields. The two dissenters for were Mann and Pill. The former wanted to slow it to £62 billion, while the latter of course to keep it steady at £100 billion.
