from Zero Hedge
As first reported yesterday, in a striking development, the BOE failed to purchase all the longer-maturity gilts it had hoped to buy from the open market on just the second day of its restarted QE operation, as it encountered something striking: an offerless bond market.
[…] This morning the BOE The Bank of England addressed the failure, when it said it would deal with the GBP52 million “POMO shortfall” at a later date as it made no changes to its expanded GBP60 billion quantitative-easing program.
There was no additional information provided by the BOE, which is why traders and strategists had to come up with their own explanations for what happened, and what this may mean for the future.