by Wolf Richter
Wolf Street
At first in baby steps, and then in big chunks. Remember the “pivot to QE” mongers at the time? What a hoot.
Practically laughing at the pivot folks, the Bank of England announced today that it sold the entire £19.3 billion in UK government bonds — £12.1 billion of long-dated conventional gilts and £7.2 billion in inflation-protected gilts – that it had purchased between September 28 and October 14 during the UK pension fund crisis that had threatened to send contagion in all directions. And it sold the gilts for £23.1 billion, making a profit of £3.8 billion, or 19.7% in about three months!