Investors bought up long-term UK government debt on Tuesday after Bank of England governor Andrew Bailey hinted that the BoE was considering slowing the pace at which it is selling its holdings of gilts.
UK 30-year gilt yields fell as much as 0.1 percentage points to 5.19 per cent after Bailey responded to mounting pressure on the BoE to scale back its so-called quantitative tightening programme.
Investors have said that QT is adding to pressure on the gilt market, which has driven long-term yields to their highest level this century in recent months. Yields move inversely to bond prices.
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