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29 Oct 2020

IMF's Georgieva: BoE policy should remain accommodative via scaling up bond purchases

The Bank of England's monetary policy should remain accommodative, International Monetary Fund (IMF) Managing Director Kristalina Georgieva said on Thursday, as reported by Reuters. "This can be done via scaling up bond purchases," Georgieva added.

Additional takeaways

"We are seeing a second COVID wave take hold in Europe."

"IMF staff forecast UK GDP to fall 10.4% in 2020, grow 5.7% in 2021."

"Continued UK policy support essential to address pandemic and invigorate recovery."

"Important for the UK to keep special job and company support programmes in place until pandemic subsides."

"We support an additional fiscal push, centred on public investment and enhancing UK's social safety net."

"Tools like negative rates can be brought in after further understanding is developed on when they would be most useful in the UK."

"Fiscal consolidation should only happen once the private sector has durably picked up steam."

"Essential for the UK to stabilise then reduce public debt ratios."

"Strongly encouraging the UK and the EU to make every effort to reach Brexit deal."

"The UK faces downside risks related to a prolonged covid-19 impact and a no-deal Brexit."

Market reaction

The GBP/USD pair remains depressed after these comments and was last seen losing 0.4% on the day at 1.2930.

Oct 29, 2020

Lagarde speech: Policy change was not discussed at this meeting

Following the European Central Bank's (ECB) decision to leave its key rates and the €1,350 billion Pandemic Emergency Purchase Programme (PEPP) unchan
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Oct 29, 2020

ECB: An unequivocal gloomy message and a commitment to act, next euro moves depend on covid

ECB President Lagarde has laid down a gloomy picture of the economy under the second covid wave sending EUR/USD to the lowest in a month at 1.1679. Th
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