Pension funds and quantitative easing - speech by Charlie Bean

Speaking at the National Association of Pension Funds’ Local Authority Conference in Gloucestershire, Charlie Bean – Deputy Governor for Monetary Policy and member of both the Monetary Policy Committee and Financial Policy Committee – discusses how pension funds may have been affected by a range of different factors, including quantitative easing (QE), over the past few years.
Published on 23 May 2012

Charlie Bean begins by reiterating how QE works and what it seeks to achieve, noting that one consequence of the Bank’s gilt purchases is to drive down gilt yields and put upward pressure on the prices of a whole range of assets. He notes that earlier Bank research found that the first round of QE reduced gilt yields by around one percentage point and boosted equity prices by around 20 per cent.

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