The Bank of England revealed on Monday that it sold £770 million worth of bonds on May 22 under the Asset Purchase Facility gilt sale operation.
The bank also noted that it received £2.285 billion in bids. "The cover ratio in the competitive auction was therefore 2.97," BoE said.
BoE Deputy Governor Dave Ramsden previously mentioned that that the bank could raise the pace of its quantitative tightening in 2023. "There's potential for us to go up a little bit. I don't see us going down given the experience of the first year," he said to the parliament's Treasury Committee.
