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20 Jul 2020

BoE's Tenreyro: Lower interest rates unlikely to lead to sharply higher spending

The Bank of England's (BoE) Monetary Policy Committee (MPC) has some policy space available with the precise amount depending in part on prevailing market conditions, BoE policymaker Silvana Tenreyro said on Monday.

Key takeaways

"I do not see monetary financing dangers in the context of the Bank of England or recent policy actions of the MPC."

"Lower interest rates are unlikely 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 the outlook for the economy."

"As long as the current period of high unemployment remains temporary, there should be only a limited loss in skills."

Market reaction

The GBP/USD pair largely ignored these comments and was last seen gaining 0.62% on the day at 1.2643.

Jul 20, 2020

WTI is trading with modest losses around $40.50

Crude oil traded in a relatively tight range last week and the barrel of West Texas Intermediate (WTI) closed flat at $40.57. In the absence of signif

BoE's Haldane: UK economy hit floor in mid-April

"We are already three months into recovery in the economic activity," Andy Haldane, the Chief Economist of the Bank of England (BoE), noted on Monday