BoE's Gieve says central banks and governments must be ready to take further actions. In a speech late yesterday, Gieve noted that advanced economies are "only in the early stages of a recession" and that "further action if required whether monetary, fiscal, or directly in the financial sector". Yesterday's BoE minutes showed that the MPC is ready to cut rates further, indeed they considered cutting rates more than the 150 bp delivered earlier this month, and Gieve's comments yesterday are in line with the outlook for continued monetary loosening. In addition, BoE's Dale said the BoE will cut rates further is required. Speaking in an interview with newspaper Newcastle Journal, Dale noted that the BoE MPC will do whatever needed to ensure that inflation holds close to the 2% target. "If that means cutting interest rates further, we'll cut interest rates further". The BoE is widely expected to lower the repo rate by 50 bp next month.