BoE's Pill: I wanted to keep QT at £100 billion in BoE vote last week

The UK approach to QE is more transparent than elsewhere.QE has worked, consequences are challenging to manage.We have been clear we will not sell gilts into a dysfunctional market.Last week’s MPC vote on QT pace was a pragmatic approach to reducing footprint in markets.I put higher weight on the need to get out of QE.I have more faith that the market is functioning better.As a reminder, the BoE slowed the pace of QT last week from £100 billion to £70 billion per year to curb rising bond yields. The two dissenters for were Mann and Pill. The former wanted to slow it to £62 billion, while the latter of course to keep it steady at £100 billion.
This article was written by Giuseppe Dellamotta at investinglive.com.

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