- BOE’s Broadbent: Most challenging period for monetary policy since inflation targeting began in 1992
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BOE’s Broadbent: Most challenging period for monetary policy since inflation targeting began in 1992
“This is the most challenging period for monetary policy since inflation targeting began in 1992,” Bank of England (BOE) Deputy Governor Ben Broadbent said while testifying on inflation and the economic outlook before Parliament's Treasury Committee on Wednesday.
Further comments
No guarantee that the inflationary impact of higher import prices will indeed die away relatively quickly.
Over the medium term, I think the risks to global goods and energy are skewed somewhat to the downside.
MPC will continue to pay close attention to developments in domestic costs, what that means for actual policy decisions remains to be seen.
Meanwhile, BOE policymaker Haskel said that the “terms like 'transitory' and 'permanent' pigeon-hole people too much on inflation.”
Further, policymaker Silvana Tenreyro said “shocks that we are facing are still transitory, but more persistent.”
GBP/USD defends 1.3600
GBP/USD is off the highs but manages to defend 1.3600 on the BOE policymakers' testimony. Cable is currently trading at 1.3605, adding 0.17% so far.
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