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Oil Up For Fifth Week On Supply Disruption, Geopolitics

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There are a number of risks to the economic outlook from the new Omicron Covid variant, Bank of England Monetary Policy Committee member Catherine Mann noted Tuesday, including a hit to confidence and supply chain disruptions.

One risk is that the zero Covid strategy in some Asian states, coupled with the new variant, could result in shutdowns that lead to a "bull whip effect" to supply chains, with shocks amplified along them. She also said that she was watching for any hits to confidence. Mann, who voted against a rate hike in November but in favour of ending QE early, was speaking at a Barclays event. She said that QE had fuelled low cost borrowing and led to increased leverage and that "additional liquidity through QE is not needed at this point in time."