Haldane and Tenreyro speaking at reappointment hearings
Haldane:
- With the yield curve close to 0 across the maturity spectrum, for guidance potentially has a role to play in maintaining accommodative monetary conditions
- unemployment poses biggest threat to economic recovery
- if more monetary policy needs to be done, it will be
- we will keep cost of borrowing at incredibly low levels
- I am reassured that more will be done on fiscal policy if needed
Tenreyro:
- Lower interest rates are likely to lead to sharply higher spending on some goods and services that are still perceived as risky because of Covid 19
- There is still significant uncertainty about outlook for economy
- As long as the current period of high unemployment remains a temporary, there should be only a limited loss in skills
The GBPUSD has extended to a new session high. The price has moved to a new session high of 1.26493. That extended just above the Wednesday high price of 1.26487. The high price from last week reach 1.26652. The run to the upside is moving away from a broken trend line. It is also extending the trading range for the day. That range is now 132 pips vs. a 22 day average of 104. The trend move higher continues.
