We just saw another session of overnight volatility where the 30-year Gilt moved 50 bps (in the “right” direction this time). The markets moved at least twice overnight in response to “intervention” news. • Gilts bounced on news from the BOE that they will buy as many long-dated bonds as needed to calm the market. There are varying degrees of central bank autonomy and my understanding is that the BOE has more political hoops to jump through than the Fed. Maybe that is why we got QE rather than an emergency 100 bp hike? Just Monday, the market was hoping for an emergency hike, only to be disappointed. Now we are back ... (full story)