Negative rates are off the table it seems
BOE is very clear that the lower bound is above zero
Banks have no excuse to pass on this rate cut (we'll see Mr. C, we'll see)
- With TFS there is no reward or penalty for the banks
- BOE discussed policy options with fin min Hammond
- Hammond was fully briefed about BOE thinking
- Brexit has created an unusual situation
Perhaps the BOE should have waited for the "unusual" situation to become clearer before using "usual" monetary policy?