BoE’s Greene: Hard to Predict ‘Tipping Point’ for Global Bond Market Tolerance of Government Borrowing

Greene's admission that the threshold is unquantifiable is itself the signal: a rate-setter is flagging fiscal sustainability as a live financial-stability risk rather than a modelling exercise. The practical effect is to widen the risk premium attached to sovereign issuance, particularly for governments with heavy refinancing needs, since markets cannot price a trigger no one can locate. Watch whether other central bank officials echo this framing, and whether long-end yields start reacting to fiscal headlines more than to inflation data.