英国 The Bank of England is doing something it hasn’t done since 2008 It’s preparing to sell government bonds, but these are *loss-making* bonds. The 30-year bond yield is at 6.02%, the highest since 1998. Meanwhile, the bonds held by the Bank of England are losing about £110 billion. The Bank of England is losing money too. It doesn’t want to hold on anymore—it can’t hold on anymore. The Bank of England is the most aggressive in quantitative tightening among the G7 and the only central bank actively selling bonds in the market before they mature. But now, it has paused selling ultra-long bonds and switched to letting short-term bonds mature naturally. Why? Because selling long-term bonds is just too painful. Deutsche Bank estimates that the average discount rate for the central bank selling long-term bonds is as high as 50%. Every sale means losing half. **Impact on the stock market:** Short-term positive. The Bank of England stopping the sale of long-term bonds means the biggest seller in the long-term bond market is stepping back. Term premiums drop, and the pressure on long-term interest rates eases. For high-valuation growth stocks, this provides valuation support. **Impact on the bond market:** The bigger bomb is still ticking. The Bank of England is directly selling £146 billion worth of bonds to the government instead of the market. The central bank is no longer “competing for buyers” in the market. But now, the government has to take over. Essentially, this shifts the losses from the central bank’s balance sheet to the government’s balance sheet. **Impact on the market:** This is just a “temporary fix.” The Bank of England has paused all bond sales for six months, until April 2027. Short-term pressure is relieved, but the long-term selling pressure is only postponed. **Impact on Bitcoin:** Expectations of liquidity tightening have temporarily eased. The Bank of England slowing its quantitative tightening means one less source of global liquidity draining. But this isn’t “printing money.” It’s just “draining a bit less.” Bitcoin is highly sensitive to liquidity. Slower draining is a marginal positive for it. But don’t celebrate too soon! The Bank of England is only pausing, not stopping. This is the harsh reality of the global bond market: It’s not just that “interest rates are high”—even central banks can’t handle their own positions anymore. This generation of central banks—Bank of England, Bank of France, Bank of Japan, and yes, the U.S. Federal Reserve—has it so tough! So brutal! #BankOfEngland #Bonds #Bitcoin #Markets #Finance #Crypto #GlobalEconomy