BOE's Bailey: Negative rates contingency planning implies nothing about our intentions in that direction

Author: Justin Low | Category: Central Banks

Remarks by BOE governor, Andrew Bailey

  • Toolkit decisions should not be interpreted about signal of future policy path
  • Contingency planning for negative rates does not imply it is our chosen policy tool
  • UK faces two-sided risks to economic recovery
  • For now, risks remain tilted to the downside
  • But those risks are declining as time goes by
  • Reiterates that QE is set to run its course at the end of the year
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The headline is pretty much the key takeaway from the latest set of remarks by Bailey, but this keeps with what we have heard since January for the most part - that being negative rates is just an insurance policy and no longer the base case scenario.

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