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Necessary but not sufficient conditions have been met for the rate increase – Andrew Bailey

The Governor of the Bank of England (BoE), Andrew Bailey, He testified before Parliament’s Treasury Committee on Wednesday.

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“We are seeing some flattening of the rate of recovery in a fairly wide range of indicators.”

“The delta variant is having a smaller economic impact than previous waves of covid cases, but it is difficult to predict.”

“Both sides run the risk of inflation returning to target in the medium term.”

“The market curve points to some increase in interest rates.”

“We believe that the impact of the QE comes from the announcement of the purchase stock, not the purchase flow.”

“If we stop doing QE, we would actually be adjusting the policy.”

“The guidance of the Bank of England is a necessary but not sufficient condition for raising interest rates.”

“MPC members in August were divided 4 to 4 as to whether the minimum conditions necessary to raise interest rates were met.”

“The necessary but not sufficient conditions for a rate hike have been met.”

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