Carney: No-deal Brexit 'highly undesirable'

RBI raises key policy rate by 25 bps to 6.50%, holds stance at neutral

"We ran the system through a stress test which had real estate prices going down by more than a third, house prices and commercial real estate, interest rates going up by nearly four percentage points, unemployment going to nine percent and the economy going into a four percent recession". "Whatever the shock could happen from, it could come from a no-deal Brexit, we've gone through all the risks of a no-deal Brexit".

Referring to last year's stress tests on the banking system, Carney said: "We've put the banks through the wringer to make sure that they have the capital". That is a big difference.

"The MPC continues to judge that the United Kingdom economy now has a very limited degree of slack", the committee said in minutes published with its decision.

Carney, who is due to step down next year after Britain leaves the European Union as scheduled in March, said no-deal was "a relatively unlikely possibility but it is a possibility".

The BBC host, John Humphrys, put the Foreign Secretary's comments this week to Mr Carney about the United Kingdom slipping into a no-deal Brexit "by accident".

Elon Musk's apology to analysts he scorned sends Tesla stock soaring
On Wednesday's call, Mr Musk apologized to Mr Sacconaghi for being "impolite" before and blamed insufficient sleep. But Tesla shares actually rose by about 4 percent on speculation it will turn profitable before the year's end.

"Our job is to look at what could go wrong".

During the interview, Carney also cited the scenario from the Bank of England's last stress test - the annual test to make sure Britain's banks could handle a financial crisis and economic downturn - which suggested that in a no deal scenario, the United Kingdom could fall into a recession and see unemployment more than double to 9%.

The Bank of England has increased interest rates to their highest level for almost 10 years after the summer heatwave helped the economy bounce back from a snow-hit start to the year.

Mark Carney has warned that the possibility of a no-deal Brexit is "uncomfortably high" and will lead to higher prices, as Theresa May prepares to meet the French president, Emmanuel Macron, for talks. "We'll make it enough".

The pound weakened as Carney spoke and was down 0.2 percent at $1.2992 as of 8:30 a.m. London time.

European Union to buy ‘a lot of soybeans’
The affected countries have in turn targeted USA agricultural products, including soybeans, dairy, meat, produce and liquor. Rabobank International Ltd. predicted in June that the US may overtake Brazil as the biggest soybean exporter to the EU.

The intervention suggests the Bank of England governor is growing increasingly anxious that Prime Minister Theresa May's government is running out of time to hammer out an agreement that will prevent disruption to business, trade and consumers.

Mr Carney replied: "It is highly undesirable".

The BoE chief's comments sparked a furious response from experts. But this week he has mostly taken away.

Members of the nine-strong Monetary Policy Committee (MPC) voted unanimously to raise the base rate from 0.5% to 0.75%. The Pound-to-Dollar exchange rate has hit a low at 1.2982 confirming fresh 2018 lows are on the cards in the near-term.

"Mr Carney revealed himself to be deeply bearish about Brexit and intensely dovish about the future course of interest rates".

Massive Northern California fire gets even bigger
Two firefighters were killed: Redding fire inspector Jeremy Stoke and a bulldozer operator whose name wasn't immediately released. On Friday the fire was just 3 percent contained as ground crews, helicopters and airplanes battled the flames for a fifth day.

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