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Bank of England: Still work to do on persistent inflation – Huw Pill

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.

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“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

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