the price of money

Russ Mould, investment director at AJ Bell, said the Bank was in effect deciding the price of money in up to two years time - for people on two year mortgages - as well as the price more more immediate borrowing such as credit cards.

The strategists said they are still bearish on risk assets due to the "price of money" and as higher-for-longer interest rates lead to a hard landing.

During his tenure as Latvian central bank governor, which ran from 2001 to 2019, Rimsevics led the former Soviet country into the euro and helped set the price of money in the euro currency bloc as one of the ECB's key policy setters.

But he cautioned that the Federal Reserve’s monetary policy — intended to tamp down the fastest price increases in decades — is “ramping up the headwinds facing entrepreneurs to gale force by crushing demand and by increasing the price of money.”

That reach for yield drove, among other things, a venture capital boom now screeching to a halt as the price of money ticks up.