Today has been set up for a move I have been both expecting and predicting for some time now. I go back a long way on this issue as I wrote a piece for City-AM back in September 2013 suggesting that the Bank of England should start what is now called QT by letting UK government bonds it holds mature without replacement.That would have saved the Bank of England and hence the UK taxpayer quite a lot of money. If we now step forwards nearly a decade I pointed out on July 20th 2023 that there was trouble ahead. Some market participants think that QT has indeed been an influence on UK bond yields and not in a good way. ... (full story)