In an interview with the Western Mail newspaper, the chief economist of the Bank of England (BOE), Huw Pill, has said that he believes that more interest rate hikes are needed, adding that he is aware it could trigger an economic downturn.
Key comments
“Too much risks falling into a deep recession, which is very costly, and too little risks inflation getting this self-sustaining momentum and moving away from the target.”
“Personally, I think more needs to be done…and we have to go not necessarily to a super restrictive posture, but to a posture that removes some of that support…”
market reaction
GBP/USD has not been affected by these comments, keeping its range-bound move intact around 1.2530 at time of writing.
Source: Fx Street
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