Chief Economist of Bank of England (BoE) chief Huw Pill said on Wednesday to focus on persistent data developments that have lasting implications for the outlook for price stability, Reuters reported.
“Since September, the BoE has established consistent, measured and determined actions aimed at rebalancing the monetary policy stance and addressing inflationary pressures,” Pill said. He indicated that more are coming, in case inflation goes along the path predicted in February. Although he cautioned that the outlook for the bank’s rate beyond the next few months is uncertain, reflecting risks on both sides for inflation.
“The decision to vote for a 25 basis point interest rate hike instead of the 50bp decision was finely balanced for me as an individual voter in the MPC,” the official explained. He added that “given the inflationary pressures we are currently facing, I can certainly understand why MPC colleagues voted in favor of a 50bps interest rate hike last week.”
Source: Fx Street
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