In a CNBC interview on Friday, the Chief Economist of the Bank of England (BoE), Huw Pillhe said: “The key message we hoped to convey yesterday is that we face double-sided risks to the economic outlook.”
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Inflation rising to 10% and then falling is due to international energy and goods prices being major factors.
We do not have a target on the exchange rate.
We are not focused on short-term reactions in the markets.
There is an obvious risk of side effects.
The arguments about balancing risks with rates are fairly well balanced.
Monetary policy cannot offer a quick fix overnight.
We would like to see more evidence of inflation expectations and wage and price fixing, and a boost in the economy more consistent with the objective. If we do not see it, it will be necessary to take action.
Source: Fx Street
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