Following the Bank of England's decision to keep its policy rate unchanged at 0.75%, Governor Mark Carney is responding to questions from the press. Below are some key quotes as reported by Reuters.
"No-deal would be an instantaneous shock to both supply and demand."
"Cannot simply say that rates will go one way in the event of a Brexit deal, and another after no-deal."
"If you strip out markets' no-deal Brexit risk, rate expectations are roughly where we would expect."
Bank of England lowers 2019 GDP growth forecast to 1.3% from 1.5% in May.
According to the updated economic projections in the Quarterly Inflation Report, the Bank of England forecasts the economy to expand by 1.3% in 2019, compared to 1.5% reported in May's publication.
GBP/USD off 2-1/2 year lows, still in the red post-BoE.
The GBP/USD pair held on to its weaker tone post-BoE, albeit has managed to recover around 15-20 pips from an early dip to sub-1.2100 level.
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.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.