The Bank's Financial Stability Committee on Sep. 28 announced a two-week emergency purchase program for long-dated U.K. government bonds., which is set to expire Friday, in a bid to calm the volatile debt market in the United Kingdom. A selloff in bonds, known as gilts in Britain, threatened to ruin what are known as liability driven investment funds, which are, in turn,Bond markets suffered further large selloffs Monday, even as the central bank boosted its limit for daily gilt purchases.
Prime Minister Liz Truss's new government sparked the market chaos a few weeks ago, when it unveiled an economic package that included large tax cuts for the wealthiest, even as the country struggles with a cost-of-living crisis. Truss has since backed off the tax plan.Ukraine's President Volodymyr Zelenskyy speaks during an interview with Reuters, amid Russia's attack on Ukraine, in Kyiv, Ukraine September 16, 2022.
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