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This is the bit I didn’t really understand, and still not sure I do
That makes two of us! It sounds like some short term betting of some kind on bond yield rates(?), but all of the financial jargon of margin/option calls goes right over my head.
Peston mentioned Toby Nangle's article talking about it in the summer before it all kicked off, I think this might be it:
https://www.ft.com/content/83927688-e0d1-4934-8d91-e279da6d6b6c (archive link)
slippers
This is the bit I didn’t really understand, and still not sure I do. It’s also the bit that Peston suggests took the BoE by surprise and was the bit I meant when I said no-one understood.