Carney speech: As bank rate moves up, only expect partial pass through to deposit interest rates

Eren Sengezer FXStreet

Bank of England Governor Mark Carney is now responding to questions from the press with key quotes, via Reuters, found below.

We are confident about Brexit preparations of UK financial institutions.
UK banking market now has more competition and options for savers who want to shop around for higher interest rate.
BoE Deputy Gov Broadbent: There has been more aggressive competition in UK mortgage market that has weighed on mortgage interest rates at time of BoE rate rises.
- We have seen broadly what we would expect in terms of pass-through of BoE rate rises.
- As bank rate moves up, only expect partial pass through to deposit interest rates.

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About Mark Carney

Mark Carney is Governor of the Bank of England and Chairman of the Monetary Policy Committee, Financial Policy Committee and the Board of the Prudential Regulation Authority. His appointment as Governor was approved by Her Majesty the Queen on 26 November 2012. The Governor joined the Bank on 1 July 2013.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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