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BoE forced into more emergency action by market stress

The big package of measures announced by the Bank of England today in its second emergency meeting in just over a week is designed to ease the stress in the financial markets and to support the recovery once the full economic hit from the coronavirus has been felt. So far it has only reduced gilt yields by 10-15 basis points, so the Bank may have to do even more at its next meeting on Thursday 26th March.

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