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- BoE's governor Bailey: BoE didn't discuss negative rates and yield curve control
BoE's governor Bailey: BoE didn't discuss negative rates and yield curve control
- Decision on negative rates is not in-any-sense imminent
- Trying to work out implications for UK and other countries' experiences with negative rates
- There would be important issues around implementation and communication if BoE takes rates negative
- Evidence suggests economic downturn has not been as severe as in May scenario but let's not get carried away
- Labour data has been mixed but I think the news was on downside
- Labour market is probably more relevant for judging inflation risks
- Now expecting 20% fall in GDP in Q1 and Q2 combined vs 27% in May forecast
- BoE does not have specific triggers for further increases in QE
- MPC has not spent any time talking about targeting the yield curve
- Slowing of QE pace reflects recent signs from economy and calming of markets since March
- We are slowing from warp speed QE to something which is still fast by historical standards
- Trajectory on inflation is for it to fall to very low levels
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