Sterling recovered slightly after a Financial Times report said the Bank of England has privately signaled a willingness to extend its emergency bond buying.
Speaking at an event organized by the Institute of International Finance in Washington, D.C., late Tuesday, Bailey said that "part of the essence, I think, of a financial stability intervention is that it is clearly temporary."
The Bank of England did not immediately respond to CNBC's request for comment on the FT's report outside of office hours.fell as low as $1.0922 in Asia's morning trade before popping to $1.106 after the FT report was published. It was trading at $1.0988 by 6 a.m. London time Wednesday.
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