BOE gov still testifying to the TSC
- financial conditions for commodity producers are tightening significantly
- biggest effect of oil price fall will be on high yield bonds linked to shale in UK
- "There will be blood " due to asset price falls but system is resilient
- authorities need to manage effect of commodity price fall on premiums attached to safe haven and exposed currencies
- "absolutely not true" that the BOE wants higher oil prices
- lower oil price good for economic growth in medium term
FPC member Taylor:
- main worry about oil price fall is about highly leveraged economic agents on wrong side of it
The black stuff continues to dominate the landscape
Brent continues to rally at $30.77. WTI $30.51.
