◆ Daily Global-Macro Brief LIVE
TODAY IN 30 SECONDS
  1. Bank of England recalibrates Discount Window Facility pricing to boost liquidity resilience
  2. UK digital pound design advances with focus on security and innovation
  3. Bank of England adjusts publication dates for DMP and Agents' summary to avoid MPR conflicts

Central Banks 3

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  • BoE lowered DWF pricing to +15bps (Level A), +25bps (Level B), +50bps (Level C) above Bank Rate to simplify and strengthen facility accessibility
  • PRA aligning liquidity framework with BoE’s reforms, encouraging use of central bank facilities for liquidity shocks
  • Sterling money markets remain resilient amid volatility, with repo rates stable and FX basis unchanged
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  • UK digital pound design enters final phase with Phase 2 testing of Digital Pound Lab use cases
  • Security subgroup highlights need for governance, privacy safeguards, and resilience against cyber/quantum threats
  • Innovation subgroup sees potential for inclusion and efficiency but warns adoption may be gradual without targeted incentives
  • DMP data now published on Fridays in MPR months (week before report) and non-MPR months (shifted from Thursday)
  • ASBC moved to Fridays in all months, one week prior to MPC announcements
  • Changes aim to reduce overlap with Monetary Policy Report publication schedule