市场动荡加剧！英国央行或提前终止债券抛售计划

Core Viewpoint - The upcoming Bank of England monetary policy meeting is expected to address the future of the bond sale plan, with market speculation suggesting a potential halt to the program later this year due to recent financial market volatility [1][3]. Group 1: Market Reactions and Predictions - Analysts from Bank of America and BNP Paribas are optimistic about long-term UK government bonds, predicting that the Bank of England may stop bond sales starting in October [1]. - The Bank of England's recent decision to postpone bond auctions amid global market turmoil has reinforced expectations of a potential halt in bond sales [1]. - The Bank of England's chief economist, Huw Pill, indicated that the recent pause in long-term bond sales reflects a tactical move in response to market conditions [3]. Group 2: Policy Adjustments and Strategies - The Bank of England is adapting to recent market volatility, demonstrating transparency and flexibility in protecting the government bond market from unreasonable international pressures [3]. - The central bank is expected to announce its quantitative tightening plan for October in September, with prior indications often provided to investors before such decisions [3]. - The Bank of England has previously reduced its asset purchase program by £100 billion (approximately $134 billion) over 12 months, with £13 billion actively sold and the remainder through bond redemptions [3]. Group 3: External Influences - The performance of UK government bonds is increasingly influenced by fluctuations in US Treasury yields, raising questions about the sustainability of the active quantitative tightening policy [4]. - If the Bank of England maintains that ongoing quantitative tightening will depend on market conditions, it may provide some support for long-term UK government bonds [5].