Is the BOE Going So Far?

The market faces a huge amount of supply out of time when the BOE is going to be actively reducing its balance sheet, and selling gilts. I think it's a big moment for the market, and there are concerns on what price the supply gets cleared at. Overseas buyers have been the main net buy in recent years, but they've dropped off recently. And they've actually been a large net seller of gilts. So there is this concern in the market on how far yields need to adjust. But overall, it may not end up being so volatile.