*BOE SAYS U.K. TO RECOVER TO PRE-COVID LEVELS OVER THIS YEAR
*BOE FORECASTS 7.25% GDP GROWTH IN 2021, 5.75% IN 2022
*BOE'S HALDANE VOTED TO REDUCE STOCK OF ASSET PURCHASES
*BOE SLOWS PACE OF WEEKLY BOND BUYING
May 2021 Monetary Policy Report Projections:
As pandemic restrictions are removed and the economy is seen climbing back to pre-covid levels, the Bank of England reduced its weekly pace of bond buying. The bond buying program is now set to finish in August rather than at the end of the year.
Gilts spiked on the release, the 10Y gilt reached 0.83%, however, they gave 2.8bps by end of day closing at 0.79%.
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