Fed's Bostic: Investor reaction to UK fiscal plan is due to rising uncertainty

• The question is how events in the UK might weaken European economy and put more stress on the US
• Until inflation is under control, there will be volatility in financial markets
• Events in the UK don't help the outlook for possible recession

I tend to think the narrative that this is a UK-led rout is overdone. The moves in the mini-budget were all telegraphed, it just happened to come at the same time as the Fed, BOJ intervention and a spike in the US dollar. That said, it was certainly a big contributor but Bostic here is talking like it's the only contributor.