The gut reaction is clear, but I don't think it ought to weaken to where it was before. I have a problem with the idea that markets trade currencies off relative interest rates and the Fed pushes out a very dovish story. The US fiscal spending and inflationary pressures bubbling below the surface make me want to buy the dollar.

We've lost a lot of LNG, some certainty has been lost medium term. If oil prices settle at a higher level than where we started, you ought to have a stronger dollar as the world's biggest oil producer.

I don't think so. Kevin Warsh believes lower rates would be a good thing, but he's not all of the voting members. It's hard with where inflation numbers are going to avoid a hawkish bias turning up over time.

The advantage they have is they have quite high rates. They don't have to do anything. A lot of not doing anything is on the calendar for them this week.

I think they'll end up having to raise rates, maybe December or some later time. They're not in a hurry, but it's hard when you see that much money changing around in the economy to think that money's tight.

Burnham. Bailey isn't in a hurry to do anything. Burnham is thinking about doing things people thought he might not do, like changing chancellor. Burnham is definitely important.

The only thing that helps sterling is that everybody seems short. My default position is it doesn't move very much because of that.

Yes, the euro can benefit from that as long as it's only looking at that, not the real economy. I'm worried about the European economy probably more than the UK economy.

The UK economy and the eurozone economy in terms of GDP are 0.1 either side of each other pretty much all the time.