Gilts at 5.36%: who's selling? | The Bank's QT U-turn, a Fed hike and the Budget
Pints & Policy, 26 September 2026. The 10-year gilt closed on Friday at 5.36%. Marcus Ashworth, markets commentator and former Bloomberg Opinion columnist, joins Damian Pudner to ask who is selling bonds: hedge funds unwinding big trades, Big Tech borrowing that now rivals the banks', and a Fed that hiked for market stability. They cover why a rate rise is the wrong answer to an energy shock, why diesel matters more than crude, what Healey can do at the 28 October Budget (Marcus's answer: be honest and put 1–2p on income tax), and why the Bank of England's QT rethink is, for once, good news…
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