“Much remains to be resolved before we vote on our August policy decision,” Bank of England Chief Economist Huw Pill said on Wednesday, as reported by Reuters.
Statements:
“The ‘go strong’ line reflects a willingness to act faster while emphasizing conditionality.”
“We’re talking about rate hikes, not cuts.”
“The line about ‘scale, pace and timing’ reflects a flexible approach.”
“Unanimity on the outlook for short-term interest rates no longer exists in the MPC.”
“The arguments for keeping forward guidance for a smooth transition to the tightening cycle have greatly diminished.”
“The inflation shock is likely to translate into second-round effects.”
“This threatens to create a more persistent inflation dynamic in the UK.”
“The MPC (Monetary Policy Committee) weighs the immediate inflationary impact against the medium-term disinflationary impact.”
“The MPC framework defines a narrow and difficult path.”
Source: Fx Street
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