by Wolf Richter, Wolf Street:

It went fine. Gilt yields are way down from panic highs. Another dream of the “pivot” mongers goes to heck.

The Bank of England today, as part of its quantitative tightening (QT), sold £750 million in UK government bonds (gilts) at auction. These bonds were part of the holdings the BOE had acquired during the QE program since 2009. The bonds it sold today had a remaining maturity ranging from about three years to seven years.