exchange rate mechanism
1 statements across 1 episodes · 0 bullish · 1 bearish · 1 people on the record · first statement Nov 4, 2024 by Scott Bessent · across every show →
Everything said about exchange rate mechanism, oldest first
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…”