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BoE warns of future UK rate rises if inflation persists

I think the Bank of England is largely clutching at straws here to justify paying interest on all reserves, which is going to have a large fiscal cost. So the BOE’s Money Market Committee think it's a bad idea. Of course they do. They're bankers!

Banks Oppose Cutting Interest On Cash At BoE - BBG

this is a pattern I haven't seen before. As unemployment has trended lower, the BoE has revised up its unemployment forecast.

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Bank of England's Mann sees inflation at upper end of BoE forecasts

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BoE won't accept interference over interest payments to banks - Pill

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Bank of England's Mann sees inflation at upper end of BoE forecasts

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🚨NEW🚨 On the @bankofengland  intervention: Am told the BoE were responding to a “run dynamic” on pension funds - a wholesale equivalent of the run which destroyed Northern Rock. Had they not intervened, there would have been mass insolvencies of pension funds by THIS AFTERNOON.

Big news: hearing from several sources in the UK that some pension funds are quickly becoming insolvent due to huge margin calls they can’t meet. The massive move in 30y UK swaps and bonds coupled with risk assets tanking behind the problem. That “explains” the BoE action.

The UK economy has been ‘permanently damaged by Brexit’, says former BOE policymaker Michael Saunders in an exclusive interview with @lizzzburden 

My morning summary. Kwarteng and Truss are frightened chickens heading for the slaughterhouse. Meanwhile, BoE governor Bailey has gone rogue, and even mad with power. And now the Bank itself is trying to disown him. Utter chaos and a disaster for the UK.

Pension funds would have collapsed today without BoE action with 'mass insolvencies', Sky News has learned | live updates

Where is @KwasiKwarteng  ?? Why aren’t we hearing from the Chancellor? We’ve had a *£65 billion* emergency BoE intervention I don’t want to hear his junior minister @CPhilpOfficial  duck, dive & pretend there’s no crisis on the morning media round #r4today  #RecallParliament  now

Entirely self-inflicted wound, forcing the BoE to restart the printing presses to bail out pension funds which were falling over this morning.... .... because no one in financial markets liked the "mini Budget"

This is now financial crisis territory.... ....limited to the UK BoE will seek to stabilise - as it did after Brexit vote - let's hope so

Golly. Markets are now pricing in 5.5% interest rates from the @bankofengland  next year. Up from 4.75% yesterday. Deutsche Bank saying BoE may need to table an emergency rate hike as soon as next week. Extraordinary. And, as I said yday, higher rates are a big, big deal. Ugh.

Prof @D_Blanchflower  and I issued a press release yesterday calling for radical reform of the Bank of England’s Monetary Policy Committee (BoE MPC). We think this is really important to protect people from economic harm in the recession to come. A thread….

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