The pound was on track for its biggest monthly fall since October 2008, just after Lehman Brothers collapsed.
UK financial markets have cratered in recent days after new Finance Minister Kwasi Kwarteng announced plans to slash taxes and ramp up borrowing. However, the Bank's intervention appeared to calm the market on Wednesday, at least temporarily. The yield on the 30-year benchmark gilt fell by more than 50 basis points at one point.
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Bank of England Intervenes in Bond Market After Massive Sell-OffThe Bank of England will suspend the planned start of its gilt selling next week and begin temporarily buying long-dated bonds in order to calm the market chaos unleashed by the new government’s so-called “mini-budget.”
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Bank of England seeks to stem bond market turmoilThe Bank of England sought to quell a fire-storm in the British bond market, saying on Wednesday it would buy as much government debt as needed to restore financial stability after chaos triggered by the new government's fiscal policy.
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