The Governor of the Bank of England (BoE), Andrew Baileydelivers his speech on the outlook for monetary policy and answers questions from the press following the central bank’s decision to raise interest rates by 50 basis points to 1.75%.
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“If there are very high wage increases, we will have persistent inflation“.
“My concern is not just any salary increase, but high salary increases.”
“We do not target the exchange rate, but instead take into account the impact of the exchange rate on future inflation“.
“Larger Fed rate hikes reflect different shocks facing the UK and US.”
About Andrew Bailey (via bankofengland.co.uk)
“Andrew Bailey previously held the position of Deputy Governor, Prudential Regulation and Chief Executive Officer of the PRA from April 1, 2013. While retaining his role as Chief Executive Officer of the Bank, Andrew joined the Financial Services Authority in April 2011 as Deputy Head of the Prudential Business Unit and Director of UK Banks and Building Societies In July 2012, Andrew became Managing Director of the Prudential Business Unit, with responsibility for the prudential supervision of banks, banks investment and insurance companies. Andrew was appointed as a voting member of the interim Financial Policy Committee at its June 2012 meeting.”
Source: Fx Street
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