On the other hand, if an auction did not receive that many offers, or the pricing we received was relatively unattractive, this indicated that there was no large supply-demand imbalance and, therefore, no pressing need for further auctions in that part of the curve. The Bank's purchases have had the intended effect: as we purchased bonds the imbalance of supply and demand was redressed.
Subsequent liaison suggested that market participants were attentive to the potential impacts. In some markets, participants looked to bring the timing of their flows forward of month-end. But while the fixings have generally proceeded smoothly, there have been occasions this year where the London 4pm fix has been associated with heightened volatility.