BoE's Haldane: Risks to economy remain considerable and two-sided

"I stand ready to adjust monetary policy, at speed, if needed to support the economy and return inflation to its target on a sustainable basis," Andy Haldane, the Chief Economist of the Bank of England (BoE), said on Tuesday.

Additional takeaways

"Risks to the economy remain considerable and two-sided."

"Risks are, in my view, slightly more evenly balanced than in May, they remain skewed to the downside."

"More important than ever that central banks are not over-burdened and that the anchor of price stability is not disturbed."

"Upside news in demand since our previous meeting in May to have outweighed the negative news."

"Given the depth of the recession, there is likely to be a greater than usual degree of history-dependence, or hysteresis."

"Should be cautious about the conclusion that pandemics don't tend to have persistent upward pressure on prices, because of the higher non-accelerating inflation rate of unemployment (NAIRU)."

Market reaction

The GBP/USD pair edged slightly higher on these remarks and was last seen trading at 1.2270, losing 0.2% on a daily basis.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD bounces after upbeat COVID-19 cure news

EUR/USD is trading above 1.13, rebounding from the lows. Gilead reported that its drug Remdesevir substantially reduces mortality among COVID-19 patients. The news boosted stocks and weighed on the dollar. US coronavirus statistics are due out.


GBP/USD recaptures 1.26 as the market mood improves

GBP/USD is trading above 1.26 as the market mood improves and the safe-haven dollar retreats. Investors are shrugging off Brexit concerns and focusing on hopes to cure coronavirus. US COVID-19 statistics are due out.


XAU/USD consolidates daily gains above $1,800

After advancing to its highest level since September of 2011 at $1,818 on Wednesday, the XAU/USD pair staged a correction and briefly dropped below $1,800 on Thursday.

Gold News

Cryptocurrencies: War for dominance hit the bedrock of the market

Bitcoin tried to regain market share and activated sales in the Altcoin segment. BTC/USD, ETH/USD and XRP/USD are looking for supports and a rebound to push them to new elative highs. The current compression on the XRP/USD chart could trigger an exploding movement.

Read more

WTI once again breaks $40 per barrel after trading lower in early EU trade

There has been quite the bounce in WTI since the EU session after some strong selling pressure during Thursday and overnight. Once again on Friday's session, the price has taken the USD 40 per barrel handle. 

Oil News