More from Carney: Brexit transition period is in best interest of both UK and EU27

BOE governor Carney continuing his interview on BBC Radio 4 29 Sept

  • questions around financial contracts after Brexit can’t be solved by BOE
  • UK economy is on the kind of track for rates to increase in relatively near future
  • interest rates can rise but if/when they come will be limited and gradual

Interviewer picking up on fact that Carney said «when rates rise» then if/when they rise which Carney swipes away.

Note the change in tone from «next few months» to » relatively near future». Open to interpretation but GBPUSD can’t make its mind up. Still kicking around 1.3400. EURGBP stuck around 0.8800

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  • no household debt bubble in UK
  • worrisome consumer debt represents only 1/10th of overall debt
  • we are worried about shift from responsible lending to reckless lending
  • some lending is getting a little frothy and should be addressed

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