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8th November 2021 - Sterling hit by dovish Bank of England
"The fallout from the Bank of England’s decision to leave interest rates unchanged at its meeting last Thursday continues.
Governor Andrew Bailey has been accused of misleading markets with his recent comments, to which his response has been weak. We expect to raise interest rates in the coming months, but no one said at which meeting we would start.
Bailey's credibility has been badly affected, and it will take some time for him to be trusted again.
Bailey contends that the decision was based upon a consideration of the latest economic conditions. This led the members of the Monetary Policy Committee to decide by a majority of 7-2 to leave interest rates unchanged.
The failure to act at this point, as inflation continues to climb, will mean that when rates are increased, they may need to rise in a less gradual manner.
"
Beyond Currency Market Commentary:
Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.
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By CurrencyTransfer
5
11 ratings
"The fallout from the Bank of England’s decision to leave interest rates unchanged at its meeting last Thursday continues.
Governor Andrew Bailey has been accused of misleading markets with his recent comments, to which his response has been weak. We expect to raise interest rates in the coming months, but no one said at which meeting we would start.
Bailey's credibility has been badly affected, and it will take some time for him to be trusted again.
Bailey contends that the decision was based upon a consideration of the latest economic conditions. This led the members of the Monetary Policy Committee to decide by a majority of 7-2 to leave interest rates unchanged.
The failure to act at this point, as inflation continues to climb, will mean that when rates are increased, they may need to rise in a less gradual manner.
"
Beyond Currency Market Commentary:
Aims to provide deep insights into the political and economic events worldwide that can cause currencies to change and how this can affect your FX Exposure.