Away from SW1… unbridled rage in the City at Andrew Bailey for steering the market that a rate rise was coming this week. City source: “They let the market believe that they were going to act imminently on interest rates. There are now questions around Bailey’s credibility” https://t.co/TGhFC0ItlE— Alex Wickham (@alexwickham) November 4, 2021
In the old days it used to be said that the twitch of the Governor's eyebrows was enough to force unruly bankers into line.
Sadly, all good things come to an end; as Andrew Bailey is now discovering.
His crime was to first signal to the markets last month that a rate rise was coming (also implying that he didn't think it would work), only for it to transpire that the MPC voted for the rates to remain on hold yesterday.
As such, Bailey's credibility and eyebrows are shot to pieces!
On the plus side, a large number of speculative traders got burned and didn't trouser as much cash as they were hoping for!
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