BOE’s Ramsden: Debt, higher borrowing was a necessary response to the coronavirus crisis

In a CNBC interview, the Bank of England (BOE) Deputy Governor Dave Ramsden said that the debt and higher borrowing was a necessary response to the tackle the coronavirus pandemic.

Additional comments

"Yields in the gilt market are extraordinarily low."

"Trends over many years have pushed down rates."

Market reaction

The above comments have little to no impact on the pound, as GBP/USD remains at the mercy of the dollar price action.

At the time of writing, the cable drops 0.30% to 1.3105, having hit a daily low of 1.3086 earlier in the Asian session.