British pound
2 statements across 1 episodes · 0 bullish · 2 bearish · 1 people on the record · first statement Nov 4, 2024 by Scott Bessent · across every show →
Everything said about British pound, oldest first
Nov 4, 2024 bearish
Bessent: Why defending the British pound in 1992 was politically impossible
“My contribution was just an observation that the British housing market, that mortgages there, floated with the base rate, which is their overnight rate. And if the Bank of England raised rates on Wednesday, mortgages went up on Friday. If they were trying to …”
Nov 4, 2024 bearish
Bessent: 1992 pound short risked only 2.5% against massive asymmetric upside
“Because of the exchange rate mechanism, the Bank of England or the British government had to buy an unlimited number of pounds to keep the pound in a quarter. So it was an asymmetric bet. We could push them up against the wall And the most they could push us b…”