BOE's Carney: Some monetary policy stimulus likely to be needed over summer

BOE's Carney impromptu speech

• Economic outlook worse
• MPC will make initial assessment at July 14th meeting and make a decision at August meeting
• Uncomfortable truth that the BOE cannot fully offset a large economic shock from leaving the EU 
• BOE will hold ILTR repo operations weekly rather than monthly
• If interest rates go too low the hit to bank profitability could reduce credit availability

That last comment suggests that extra QE, rather than a rate cut is on the cards

So they'll talk in July and make a decision in August, which will be when we get the inflation report.

Cable spilled naturally to 1.3295 but is back at 1.3325. He's painting a very worrying picture.

Ready to strike