The Bank expanded its intervention to help pension funds again on Tuesday by buying up index-linked gilts, a day after increasing the daily amount it can spend on long-dated gilts.
Gilt yields, the interest rate payable on government bonds, rose on Monday, near the 5% highs of 27 September, the day before the Bank made its first intervention.They fell when news of the latest operation was announced but long-dated yields later rose higher again.
It is hoped the decision to again expand purchasing to index-linked gilts will"act as a further backstop to restore orderly market conditions", the Bank said.The pound, which had fallen back against the dollar for a fifth day earlier on Tuesday, was eight tenths of a cent higher at $1.1130.
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