- range of views among FPC members on drivers of fragile market liquidity
- misperceptions about market liquidity could lead to heightened volatility
- UK banks not heavily exposed to Greece but failure to reach funding deal could see more significant
- concerns remain over current account deficit. Will keep it under close review
These Minutes from the Financial Policy Committee were published at the same time as the UK services PMI and although on the cautious side they don't appear to be the earlier sell signal in their own right. But more of the same is,er, more of the same and that same is to the negative side still given the global uncertainty and our own shortcomings.
Full FPC Minutes here
And re those earlier moves remember that today has seen European desks re-open after letting the US have their say on Friday and yesterday in reduced conditions. I'm not saying the reversals are entirely justified but we can't be entirely surprised either