Bank of England

Mark Carney Announces He Will Remain At The Bank of England Until June 2019

“I would be honoured to extend my time of service as Governor for an additional year to the end of June 2019. By taking my term in office beyond the expected period of the Article 50 process, this should help contribute to securing an orderly transition to the UK's new relationship with Europe.

Frontrunning: October 31

  • FBI in Internal Feud Over Clinton Probe (WSJ)
  • As Clinton struggles, Trump tries to raise doubts (Reuters)
  • Dollar shakes off Clinton FBI scare, global stocks stay spooked (Reuters)
  • Mark Carney stands ready to serve 8-year term at Bank of England (FT)
  • Clinton Team Questions FBI Director’s Motive (WSJ)
  • OPEC Splits Prevent Deal With Other Producers to Curb Supply (BBG)

BOE's Carney May Announce Decision To Step Down This Week

According to several British newspaper, including The Times and Mail Online, Mark Carney’s "self-imposed deadline" for declaring whether he will stay in office beyond 2018 is fast approaching, and the central banker may decide to step down as soon as next week. The 51-year old Canadian may announce his decision "within days" at his next scheduled public appearance on Thursday.

Bank of England Asks UK Banks To Detail Their Exposure To Deutsche And Italian Banks

In what may or may not be a coincidence, just hours after Bloomberg reported that DB launched a probe into whether it "misstated" derivatives, moments ago the FT reported that the Bank of England is seeking details from large British banks on their current exposure to Deutsche Bank and some of the biggest Italian banks, including Monte dei Paschi, "amid mounting market jitters over the health of Europe’s financial sector."

Cable Collapses To Flash-Crash Lows Ahead Of Carney Speech - Live Feed

Sterling is being pounded back below 1.21 - weakest since the flash crash lows, back to 31 year lows. The drop lacks an obvious trigger (more technical levels), but as The FT reports, nerves appear to be building in the run-up to a scheduled appearance by Bank of England governor Mark Carney to a House of Lords committee at 15:35 London time.

Frontrunning: October 24

  • The CEO Behind AT&T’s Huge Time Warner Deal (BBG)
  • AT&T-Time Warner deal sparks calls for scrutiny in Washington (Reuters)
  • Wall Street’s $40 Billion AT&T Pledge Offers Fees and Risks (BBG)
  • Bernie Sanders: Obama Administration “Should Kill” The AT&T-Time Warner Deal (Deadline)
  • Oil prices under pressure as Iraq resists joining output cut (Reuters)

Cashless Society - Is The War On Cash Set To Benefit Gold?

If governments allow banks to shut down bank accounts of individuals or companies without a fair trial and due legal process, it will create a very dangerous situation indeed. In this environment, buying gold is rational behaviour to even the biggest paper-bugs out there. The current monetary experiment of massive QE is no longer the main concern of prudent investors and institutions, it is now combined with negative interest rates and bail-ins.

Frontrunning: October 20

  • Global stocks nudge higher after final U.S. presidential debate (Reuters)
  • Trump, Clinton Double Down: Final Debate By the Numbers (BBG)
  • Will Trump accept election's outcome? 'I will keep you in suspense' (Reuters)
  • After Sedate Start, Trump Takes the Bait (WSJ)
  • ‘Rigged’ Election Charge Takes Spotlight (WSJ)