The Bank of England said it will start buying government bonds on 'whatever scale necessary,' in an attempt to calm the U.K.'s growing economic storm
LONDON—The Bank of England on Wednesday said it would buy U.K. government bonds with long maturities “on whatever scale is necessary” in an effort to restore order to the market after aThe move caused an immediate reaction, with bond prices both in the U.K.
and other markets rallying, sending yields lower. The U.K.’s benchmark 10-year government bond yields fell to 4.004% after the announcement, from 4.552% before, an outsize move for what is normally a staid corner of the market. The pound rallied at first against the dollar but then slid further to trade down around 0.6% to $1.066.
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