Yields rose notably and risk assets fell overnight. UK gilt yields led the moves with some angst developing about what happens when the BoE backstop ends on 14 October and on 31 October when QT is expected to start. BoE backstop purchases have also been underwhelming over recent days. A letter by BoE Deputy Governor Cunliffe to Parliament’s Treasury Committee highlights the difficulties within the defined-benefit pension fund space and to your scribe it is unclear whether the BoE will be able to end the backstop as soon as next week, or start QT as scheduled (interesting read if you have time, see Cunliffe’s letter ... (full story)