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Story summary
- The Bank of England is expected to cut its annual quantitative-tightening bond-sale target to £50 billion at Thursday’s MPC meeting.
- The programme added 30 basis points to 10-year gilt yields.
- Ten-year gilt yield topped 5.4%, its highest level since July 2007.
- Economists warn quantitative-tightening could cost the exchequer £120 billion if rates stay on path.
- Governor Andrew Bailey told parliament the Bank is not required to limit short-term fiscal costs.