BOE Pays Above-Market Prices as QE Operation Falls Short: Chart

The Bank of England’s expanded quantitative-easing program ran into a stumbling block on just its second day. The central bank failed to buy enough longer-dated gilts Tuesday to reach its stated goal, receiving offers to sell 1.118 billion pounds ($1.45 billion) of debt due in more than 15 years, compared with a target of 1.17 billion pounds. The scarcity led to the BOE accepting all submissions, even as some investors offered prices above the prevailing market.

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Bank of England's QE Operation Falls Short
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