As the Governor said in his statement on Monday, the Bank is monitoring developments in financial markets very closely in light of the significant repricing of UK and global financial assets. This repricing has become more significant in the past day – and it is particularly affecting long-dated UK government debt. Were dysfunction in this market to continue or worsen, there would be a material risk to UK financial stability. This would lead to an unwarranted tightening of financing conditions and a reduction of the flow of credit to the real economy. In line with its financial stability objective, the Bank of England stands ready to restore market functioning and reduce any risks from contagion to credit conditions for UK households and businesses. To achieve this, the Bank will carry out temporar tweet at 6:12am: BoE TLDR via @Newsquawk https://t.co/7VtGCejIcwBank of England delays bond sales, launches temporary purchase program after market turmoil The Bank of England will suspend the planned start of its gilt selling next week and begin temporarily buying long-dated bonds in order to calm the market chaos unleashed by the new government’s so-called “mini-budget.” U.K. gilt yields are on course for their sharpest monthly rise since at least 1957 as investors flee British fixed income markets following the new fiscal policy announcements. The measures included large swathes of unfunded tax cuts that have drawn global criticism, including from the IMF. In a statement Wednesday, the central bank said it was monitoring the “significant repricing” of U.K. and global assets in recent days, which has hit long-dated U.K. government debt particularly hard.
Good morning, and welcome to the 10th annual Community Banking Research Conference. I have attended this conference twice before, including the first one back in 2013, and I can attest to the quality of the research and discussions. While I am coming to you virtually today, many of you are gathering in person for the first time in three years. I am sure it will make an excellent event even more enjoyable. The Community Banking Research Conference brings together researchers, regulators, policymakers, and community bankers to discuss the unique and important role community banks play in our economy. The conference was launched in the years following the financial crisis, in a collaboration by the Federal Reserve, the Conference of State Bank Supervisors (CSBS), and the Federal Deposit Insurance Corporation (FDIC). The conference was developed to deepen our understanding of the community bank business model and to provide a forum to discuss research with academics, policymakers, regulators, and community bankers. The research presented over the years has informed supervisory and regulatory policy debates and continues to challenge our thinking. It has highlighted the vital links between community banks and small businesses, the availability of credit in low- and moderate-income communities, how community banks support their local communities in times of crisis, and the impact of technology. A critical feature of the research sessions is that community bankers join academic moderators to provide feedback from a practitioner's perspectiv tweet at 10:15am: IN PREPARED REMARKS TO A COMMUNITY BANKING RESEARCH CONFERENCE IN MISSOURI, FED'S POWELL MAKES NO COMMENTS ON MONETARY POLICY OR THE US ECONOMIC OUTLOOK.