Market news
12.01.2021, 09:21

Bank of England Governor Andrew Bailey: We have very little evidence of scale of economic impact of latest lockdown

  • Impact of latest virus restrictions appears less than that in spring last year

  • Our best guess is GDP over Q4 was flat to slightly down

  • Mobility indicators are down more than in autumn, but less than in spring

  • Expects Q1 output to be weaker than November forecasts

  • Negative rates are a controversial issue

  • There are a lot of issues with negative rates

  • No country has used negative rates in 'retail' end of the financial market

  • Transmission of negative rates depends on banking system

  • BOE is doing a lot of work on whether negative rates are practical

  • There are good reasons to think we're in a world of low interest rates for a long period of time

  • Outlook for interest rates hinges on productivity growth

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