However, in implying any direct causality between Brexit and the pound’s depreciation, we should remind ourselves that the recent pound depreciation has occurred in parallel with a reassessment of the likely rate path of the Bank of England, with expectations for the Bank of England to follow the Fed in raising interest rates, having decreased significantly over the same period with the market re-evaluating of the Bank of England’s potential interest rate path.
Thank you very much for your attention. BIS central bankers’ speeches  5  6  BIS central bankers’ speeches  BIS central bankers’ speeches  7  8  BIS central bankers’ speeches  BIS central bankers’ speeches  9  10  BIS central bankers’ speeches  BIS central bankers’ speeches  11