Comments from the new Bank of England leader:
- Huge amount of uncertainty about economic outlook, working on a best estimate is a challenge
- BOE will do what's needed to help the economy
- We watch sterling very carefully, we take not of the recent fall
- Covid corporate financing facility is a first step, aims to be operation next week, could be expanded
- Effect on big companies has become much starker since last week
- Keeping markets open is important
- Supporting wages can be done by direct measures, Sunak has said more measures to come
- Negative rates in UK would be likely to hurt bank lending and household confidence
There's nothing surprising here.
Here was one from earlier:
"Anybody who says, 'I can make a load of money by shorting' which might not be frankly in the interest of the economy, the interest of the people, just stop doing what you're doing."
I mean, anyone short GBP certainly made a load of money in the past week.
