Morgan Stanley said that the Bank of England's reduction in its holdings of Phnom Penh treasury bonds has had an even more significant impact on long-term Phnom Penh treasury bonds. Market demand for long-term treasury bonds has continued to weaken in recent years. Strategists Fabio Basanin and Luca Salford estimate that the impact of quantitative austerity on 30-year Treasury yields is 70 basis points, while the impact on 10-year Treasury yields of about 25 basis points is basically consistent with the Bank of England's estimates. They wrote in the report: “The large-scale issuance of Phnom Penh treasury bonds combined with the continuous decline in Bank of England holdings has increased the scale of collateral that private investors need to undertake and finance; at the same time, the investor community has become more sensitive to prices and increasingly prefer short-term varieties.” Morgan Stanley expects that at next week's interest rate meeting, the quantitative tightening of the term ratio for selling treasury bonds will be adjusted to short-, medium-, and long-term Phnom Penh treasury bonds. The bank estimates that the Bank of England will slow down the pace of holdings reduction to £50 billion over the next year.

Morgan Stanley said that the Bank of England's reduction in its holdings of Phnom Penh treasury bonds has had an even more significant impact on long-term Phnom Penh treasury bonds. Market demand for long-term treasury bonds has continued to weaken in recent years. Strategists Fabio Basanin and Luca Salford estimate that the impact of quantitative austerity on 30-year Treasury yields is 70 basis points, while the impact on 10-year Treasury yields of about 25 basis points is basically consistent with the Bank of England's estimates. They wrote in the report: “The large-scale issuance of Phnom Penh treasury bonds combined with the continuous decline in Bank of England holdings has increased the scale of collateral that private investors need to undertake and finance; at the same time, the investor community has become more sensitive to prices and increasingly prefer short-term varieties.” Morgan Stanley expects that at next week's interest rate meeting, the quantitative tightening of the term ratio for selling treasury bonds will be adjusted to short-, medium-, and long-term Phnom Penh treasury bonds. The bank estimates that the Bank of England will slow down the pace of holdings reduction to £50 billion over the next year.