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BOE Pledges Unlimited Bond-Buying to Avert Imminent Gilts Crash

  • 30-year yield falls most on record in wake of intervention
  • Officials warned of risk to stability if dysfunction continued
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BOE to Buy Long-Dated Gilts in Effort to Calm Markets
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The Bank of England staged a dramatic intervention to stave off an imminent crash in the gilt market by pledging unlimited purchases of long-dated bonds.