Unlike the Fed, the BoE doesn’t have an open-ended QE, but had set a target of bringing its holdings of UK government bonds to £875 billion and its holdings of corporate bonds to £20 billion, for a combined target of £895 billion. And at the meeting, the BoE didn’t change these “fixed amounts,” as Bailey put it.
Obviously, denying that tapering is tapering was designed to mollify the markets with a welcome dose of delusion, and it worked: the UK’s stock index FTSE 100 rose 0.5% for the day.
Sweden’s central bank, the Riksbank, announced in late April that it is following through on its plan and completely end its QE program later in 2021.
The central banks of Brazil, Turkey, and Russia, whose economies are grappling with surging inflation, already announced shock-and-awe rate hikes.Bank of England Now 2nd Central Bank to Taper, After Canada, but Denies Tapering is “Tapering,” also Following Canada | Wolf Street