BoE's Bailey: Reasonable to think there will be a re-opening of economy later

"For the most part, we've seen calmer market conditions since central bank action took place," Bank of England (BoE) Governor Andrew Bailey said on Thursday.

Additional takeaways

"Although things have calmed down, there is an underlying fragility in conditions."

"Whether the downturn is 30%, or more or less - who knows."

"We're in a major downturn, no question."

"Reasonable to think there will be a re-opening of the economy later."

"We have to be clear, there are obvious routes to getting scarring in the economy from the downturn."

"There will some scarring, uncertain how much."

"Had we not published financial stability report this month, could have led to questions over financial stability."

Market reaction

The GBP/USD pair inched slightly higher after these comments and was last seen trading at 1.2215, down 0.1% on a daily basis.