BOE’s Bailey says U.K. pension fund managers have 3 days to rebalance: reports

Bank of England Gov. Andrew Bailey late Tuesday said U.K. pension funds need to finish rebalancing positions by Friday when the central bank’s emergency bond-buying program is set to end, news reports said. U.S. stocks extended a decline after the remarks, while the British pound fell 0.7%. “We have announced that we will be out by the end of this week. We think the rebalancing must be done,” Bailey said at an event put together by the Institute of International Finance in Washington on Tuesday, Reuters reported. “And my message to the funds involved and all the firms involved managing those funds: You’ve got three days left now. You’ve got to get this done.”

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