He Chief Economist of the Bank of England (BoE), Huw Pilldeclared on Friday in an interview with the Financial Times (FT) that the central bank will remain firm in its fight against inflation, while adding that cannot afford to relax tight monetary policy.
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“Although activity has weakened in our forecasts relative to what we had anticipated, if we look at those key indicators of the persistent domestic underlying components of inflation (namely, service price inflation and wage growth), those elements have remained stubbornly high over the summer.”
“In fact, even in the most recent data, although both have shown a small – but welcome – sign of decline, they remain at very elevated levels.”
Market reaction
GBP/USD has not been affected by the BoE policymaker’s previous comments. The pair is currently trading at 1.2560, up 0.22% on the day.
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.
