This is extremely bad. It means the market is (Today, anyway) giving the BoE's QE program a FAIL.
The QE program is meant to trigger inflationary monetary conditions, while at the same time keeping interests rates low (by increasing buying competition in the govt debt markets).
The market has just said to England - keep on printing money and we'll boycott your government debt issues. Down that path lies the BoE being the only buyer of government debt in the market, which is how things started in Zimbabwe.
Frightening!
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- a strong sign of whats to come.....
a strong sign of whats to come....., page-4
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