Carney Speech: Whether a rate rise is appropriate depends on businesses and exporters

Mark Carney, Governor of the Bank of England (BoE), is responding to questions from the press, with key headlines, via Reuters, found below:

• Across business, there is a desire for Brexit transition arrangements
• Whether a rate rise is appropriate depends more on businesses and exporters than households
• We are in the teeth of the squeeze on consumers right now, will feel better in new year
• BOE is engaged in sustained contingency planning for all possible Brexit outcomes

Key notes:

BoE: Hawkish, but still unlikely to hike this year - ING

The Bank of England voted 6-2 in favour of keep rates on hold today, but continued to signal that rates could rise faster than markets think, explains James Smith, Economist at ING.

GBP/USD still near session lows on Carney’s presser

GBP/USD is now attempting to rebound from daily lows following the press conference by Governor M.Carney, currently hovering over 1.3160/50 after dropping as low as the 1.3140 region.

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.