Bid/offer spreads in the market widened, though much less than they did in March/April 2020. The Bank responded to this by bringing forward some purchases under the bond purchase program, by increasing the amount purchased at one of its regular auctions, buying $ billion rather than the regular $ billion.
This action along with the media release following the March Board meeting and a speech by the Governor helped restore more orderly functioning to the market. We were not concerned about the fact that bond yields were rising nor the volatility per se, but rather market functioning.