Bank of England Chief Economist Huw Pill said on Friday that some patience would be required before inflation comes back to 2.0%, according to Reuters. Pill said that he and the BoE's Monetary Policy Committee (MPC) are committed to achieving 2.0% inflation, but that there would be no quick fix. It is a pretty uncomfortable time to join a central bank, Pill continued. He joined the BoE as Chief Economist at the start of September. 

Market Reaction

GBP/USD has not seen a notable reaction to the latest comments from the BoE's Chief Economists. His concern about inflation supports the case for a 15bps rate hike from the BoE in December, which is now the market's base case assumption.