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UniCredit on CRBT Decision

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1.00% May-38 Bund

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Looking ahead to the Fed Minutes

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USD bid is the early story of the day

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BOE
BOE: - There were no discussions of whether the BOE may implement negative rates
- a debate which has been re-opened after Dep Gov Broadbent's CNBC appearance on
Tuesday. Broadbent was asked about negative rates and said the MPC is prepared
to do what is needed and all policy tools are under review but did caution that
the MPC must consider whether negative rates did more harm than good.
- Money markets moved a few ticks higher on Tuesday and again yesterday to
record highs for most contracts. The BOE has always seemed to argue that the
costs of negative rates outweigh the benefits so Broadbent's comments pushed the
door ajar in the debate. Today Bailey's comments will be closely watched to see
how he responds to any talk of negative rates. 
- Bailey is due to speak again today as part of the FT's Global Boardroom
digital conference which kicks off again at 11:30BST. The event page says that
it aims to discuss questions such as "What is the exit strategy? How quickly
will the global economy emerge from hibernation? What price will the world
ultimately pay?" (Although these are questions for the whole conference not for
Bailey in particular). (2/2)

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