BoE: throwing the kitchen sink at Covid-19
- The BoE has made an emergency 50bp rate cut to 0.25%, launched a new term funding scheme to aid transmission, and floored the CCyB in a panicked response to recent market movements.- Throwing the proverbial kitchen sink at the direct damage related to Covid-19 is about as useful as throwing a literal one, in my view. The more stimulative new policy setting would also be inappropriate during a rebound.
- Market movements have gone far beyond the direct threat from the virus, or indeed the likely restrictive political response. Warding off risks to financial stability and the broader economy by extension are more critical at this stage.
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