- BoE’s Pill: We do not need to raise rates to bear down on inflation
Market news
9 November 2023
BoE’s Pill: We do not need to raise rates to bear down on inflation
“We do not need to raise rates to bear down on inflation,” Bank of England (BoE) Chief Economist Huw Pill said in a presentation to the Institute of Chartered Accountants in England and Wales (ICAEW) on Thursday.
Further comments
Inflation remains much too high.
We need to deliver the restrictiveness of monetary policy embodied in BoE forecasts for falling inflation.
Maintaining restrictive stance of monetary policy key to meeting inflation target.
Restrictive monetary policy needed to weigh against inflation persistence.
No sign yet of a decisive turn in domestically driven services price inflation.
Market reaction
GBP/USD is paying a blind eye to the above comments from the BoE policymaker Pill. The pair is currently trading at 1.2294, up 0.13% on the day.
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