LONDON
THE Bank of England stepped in on Wednesday to shore up market confidence after the International Monetary Fund criticised Britain's inflation-fighting budget.
In a surprise move, the BoE announced it was temporarily buying up long-dated UK government bonds "to restore orderly market conditions".
The pound promptly slumped 1.7 per cent to $1.0552 before clawing back ground.
There was respite elsewhere, with the UK government's 30year bond yield retreating to 4.44 per cent, having hit a 1998 peak at 5.14 per cent.
This story is from the September 29, 2022 edition of The New Indian Express.
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This story is from the September 29, 2022 edition of The New Indian Express.
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