My thoughts in today’s Times on why we may be at the threshold for the Bank of England to intervene in bond markets:There will be plenty of people that see it differently & put all the onus on domestic fiscal/ growth policy to change course - but the golden rule in such episodes is to put the fire out first, then buy the fire insurance. Ending the active Gilt sales by the APF buys time (and likely eases financial conditions) whilst giving time for geopolitical events in the US - the principle source of tighter financial conditions - to become clearer.