it's even worse than that. the pension funds were selling swaps (paying variable rates). that's why the BoE needed to step in to buy gilts - to drive the yield

it's even worse than that. the pension funds were selling swaps (paying variable rates). that's why the BoE needed to step in to buy gilts - to drive the yield down and stop the bleeding from both the variable payout and capital losses incurred when liquidating gilts at a loss. zirp has caused some pretty astounding fuckups and i'm sure there are many more to come. https://www.reuters.com/markets/europe/why-are-britains-pension-schemes-dumping-gilts-2022-09-28/ https://www.reuters.com/markets/europe/why-are-britains-pens...