"One uncomfortable truth is that there are limits to what the Bank of England can do."
No, not the words of a disparaging economist, but a sentence uttered by the governor of the Bank of England himself.
Mark Carney used brutal honesty at his hastily arranged speech on Thursday afternoon. It may have left him open to accusations of being a pessimist by Brexit campaigners, but it summed up the mood of most market participants who find themselves in a world of negative rates and ultra-aggressive monetary policy.
"With interest rates approaching zero, the Bank of England is testing the limits of its powers," Laith Khalaf, a senior analyst at Hargreaves Lansdown, said in a note on Friday.