- BoE's chief economist Haldane: BoE is doing work on negative rates, not the same as being ready to deploy that tool
Market news
22 October 2020
BoE's chief economist Haldane: BoE is doing work on negative rates, not the same as being ready to deploy that tool
- There is open question on whether voluntary or involuntary social distancing is holding back spending
- UK household spending has been "remarkably resilient"
- Second virus wave in U.S. had little impact on total spending, may have implications for what to expect in UK
- Possible that COVID-19 could reshape global supply chains and trade patterns
- Monetary policy can provide more of cushion to the crisis
- But more of the heavy lifting has to be done by fiscal policy
- I have nothing new to say on negative rates
- We are studying negative rates, but doesn't mean that it will be used
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