2024-09-23 19:59:26

UK Market Plunge Sparks Talk of Emergency BOE Rate Hike

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Bloomberg
By David Goodman

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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