2024-09-23 19:59:26
UK Market Plunge Sparks Talk of Emergency BOE Rate Hike
The market mayhem that followed Chancellor of the Exchequer Kwasi Kwarteng’s fiscal statement has sparked talk of a possible emergency Bank of England action to calm the turmoil.
As the pound and gilts plunged on Friday, George Saravelos, global head of foreign-exchange research at Deutsche Bank AG, said the bank needed to unleash a sizable interest-rate hike as soon as next week to restore credibility in the wake of the “historical drops.”
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