Is the U.K. on the road to an International Monetary Fund bailout? Here's what two strategists are saying.
That’s the view of Peter Chatwell, head of global macro strategies trading at Mizuho Securities, as expressed in an interview on Bloomberg Television on Monday.
That’s the view of Peter Chatwell, head of global macro strategies trading at Mizuho Securities, as expressed in an interview on Bloomberg Television on Monday. “I’m thinking of two potential crises that this reminds me of. One is the [European Exchange Rate Mechanism], so 1992. And then I’m thinking about the possibility of an IMF bailout, like in 1976.”
He said the pound GBPUSD falling to parity against the dollar isn’t priced into options markets, and said the Bank of England may need to take interest rates to 5%.“A balance of payments funding crisis may sound extreme, but it is not unprecedented: a combination of aggressive fiscal spending, severe energy shock, and a slide in sterling ultimately resulted in the UK having recourse to an IMF loan in the mid 1970s.
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