The Bank of England Selling Off Loan Portfolios

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A weaker currency can be inflationary because it drives up the cost of imported goods. This dip in Sterling happened as central bankers from around the world were at a conference in Portugal. The regional and mid-sized US banks are working to sell off their loan portfolios. They want to raise cash after seeing Silicon Valley Bank and First Republic fail this spring.

Sterling suffers biggest one-day fall against the dollar in a month following UK growth fears, US banks are stepping up the sales of their loan portfolios, and Odey Asset Management continues to spiral after an FT investigation into sexual misconduct allegations at the hedge fund.

Mentioned in this podcast:

US banks step up sales of loan portfolios to private lenders

Odey Asset Management in talks with SW Mitchell over Oliver Kelton’s funds

Wall Street shares waver as central bankers warn of more rate rises

The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. Additional help by Katie McMurran, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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