Bank of England MPC's Saunders says UK no longer needs as much stimulus as before, due to little slack and rising cost pressures

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20 April 2018

Bank of England MPC's Saunders says UK no longer needs as much stimulus as before, due to little slack and rising cost pressures

Expects labour market inflation pressures to be a bit greater than boe forecast in february
"Quite a wide range" of tightening paths would count as gradual vs past average of 100 bps over 8 months
Neutral interest rate in UK is not static, likely to be around 2 pct over next few years
Pace of further UK rate increases likely to be "gradual", not "glacial"

Saudi energy minister says oil inventory draw down needs to continue

BoE's Saunders says UK interest rates "probably need to move over time to something more like neutral"

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