Huw Pill, Chief Economist of the Bank of England and member of the Monetary Policy Committee (MPC), spoke on Friday at a panel discussion at the National Association for Business Economics' Annual Economic Policy Conference, held in Washington DC.
The roundtable is titled “Perspectives on World Monetary Policy.”
Main statements
- The BOE has good news on headline inflation, but needs to look at persistent components.
- The British labor market remains tense, driven by both weakness in supply and strength in demand.
- The economic situation in the United Kingdom seems “a little less benign” than in the United States.
- Services inflation, in particular, remains a concern.
- There are hardly any signs of a reversal of inflation.
- The recession is not necessarily forcing inflation down.
- There are many reasons for caution about the trajectory of inflation, we need to see further easing of wage pressures.
- The BOE will need several months of data before it is convinced that persistent inflation has disappeared.
Source: Fx Street
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