From Wolf Street, October 4:
Bank of England Bought No Bonds Today, after Buying only £22 Million on Monday, instead of £5 Billion per Day
Carefully communicating this isn’t a Pivot to QE but a temporary “backstop” to calm a panic. And it calmed the panic with minimal purchases.
This was the infamous Pivot back to QE: The Bank of England announced on September 28 that it would buy up to £5 billion per day in long-dated UK government bonds (gilts) “in a temporary and targeted way.” It said specifically, “The purpose of these purchases is to restore orderly market conditions.” It said the program would expire on October 14....
....MUCH MORE
Was there ever a reason to think the U.S. would pivot? Were there arguments being made that this would be the case? Monday seems so long ago that I've forgotten what the rationales being proffered were. I do remember this from Saturday:
Just So You Know: "BIS backs "forceful" rate hikes despite rising recession risk"
