BOE’s Pill Says It Has Tools to Run Down QE Bonds More Quickly

Bank of England Chief Economist Huw Pill said the central bank should run down its balance sheet of bonds built up under quantitative easing more quickly because it has tools to shore up markets if strains emerged.

Pill said on Tuesday that he believes markets are stronger than other officials think after dissenting against the Monetary Policy Committee’s 7 to 2 decision to slow the pace of so-called quantitative tightening from £100 billion ($135 billion) to £70 billion in the coming year.