• Recent volatility may be a sensible correction
  • Unclear if market adjustment is completed

BOE markets director Paul Fisher and UK debt management office CEO, Robert Stheeman are testifying before a treasury select committee.

  • BOE unwinding will likely start with rate increase
  • Will set out a gikt-sale program for exit

No tapering for us Brits!! Cold turkey straight off the bat.

Can only end in tears.

Let’s see if we get any discussion on timescales.


  • Tighter policy may be years away
  • Current UK yield curve has no rate increase priced in until mid-2015