BOE Inflation Report press conference: Decision to leave the EU marks a "regime change"
BOE Inflation Report press conference now underway 4 AUG
- By acting early and comprehensively the BOE can bolster confidence
Jeeze, what's he/the MPC been sniffing? Do they really think markets/consumers/businesses to be assured by all this ?
- some of the adjustments to new reality may prove difficult
- GBP depreciation will boost exports but not fully substantially weaker pvt demand
Does he not know that many our exporters also ship in raw materials before shipping out the finished product?
GBPUSD understandably lower and now posted 1.3111 lows. EURGBP posted 0.8480 just head of recent strong resistance/supply.
- MPC determined that stimulus does not get diluted as it passed through financial system
- lower interest rates will be felt immediately
- new Term Funding Scheme to reinforce the pass-through of the cut in bank rate
- banks will be penalized for not lending on to consumers and business
That at least is an initiative that might work but we'll see with what impact in due course
- MPC ready to take whatever action is needed
- all elements in this package have scope to be increased
Repeating the comments from the Minutes that I reported earlier.
If you haven't already tuned in you can catch the presser here
Q&A now underway and Ryan will take over the posting.