- On QE/QT, Bailey said UK will keep the benefit of lower debt costs for considerably longer than other countries
- Claims that BOE's QT programme is more expensive than those of other countries misses and important part of the argument
- UK bank ringfencing regime helps economy because it requires for the most part UK deposits to be used to lend into the UK economy
There isn't much of a signal here. Cable is down 60 pips today to 1.3390 on broad USD strength.
