BOE exit strategy: raise rates, sell assets or both

Bank of England chief economist Dale says the BOE exit strategy from its super-easy monetary policy is likely to consist of a combination of raising rates and selling assets.

Pretty straight-forward, really.

Also crossing the wires is news from Germany that its tax take has fallen 7.1% y/y in May. The US would love such a mild pullback.

Also on the wires is Larry Summers, Obama’s National Economic Council chair. He says Obama’s economic interventions are to be temporary and were done out of necessity, not choice.

EUR/USD continues its recovery after heavy US buying. It trades now at 1.4010. Offers are seen at 1.4020/30/40.