He Chief Economist of the Bank of England (BoE), Huw Pilldeclared on Tuesday that they still have work to do regarding the persistence of inflation, as reported by Reuters.
Featured Statements
“The UK labor market remains quite tight by historical standards.”
“The wage growth data is consistent with the small decline in the first quarter.”
“Wage growth rates remain well above what would be consistent to meet the 2% inflation target on a sustainable basis.”
“We need to maintain a restrictive stance in monetary policy that continues to put pressure on the persistence of domestic inflation“
“It is not unreasonable to believe that over the summer we will see enough confidence to consider rate cuts.”
Market reaction
GBP/USD has fallen to two-day lows at 1.2509. At the time of writing, the pair is down 0.31% at 1.2520. .
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
