- BoE’s Pill: Aware that BoE may be blamed for recession but it’s driven by other factors
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BoE’s Pill: Aware that BoE may be blamed for recession but it’s driven by other factors
Bank of England (BoE) Chief Economist Huw Pill continues to speak at a panel discussion at the UBS European Conference titled "Global monetary policy challenges," in London.
Key quotes
Tightness in uk labour market remains very persistent, despite slowing economy.
BoE will do what is needed to get inflation back to 2% on sustainable basis.
We are not meant to be inflation nutters, must avoid counterpoductive disruption to real economy.
Sceptical that front-loading rates has big expectations effect.
Cannot have 'immaculate disinflation' without real world consequences.
We are aware that BoE may be blamed for recession, but it is driven by other factors.
Start of bond sales shows MPC's determination to keep monetary policy separate from financial stability operations.
Market reaction
GBPUSD was last seen trading at 1.1472, extending recovery but still losing 0.32% on the day.
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