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Bailey won't commit to next move being a cut

BOE
Asked if Bank is signalling that rates have probably peaked, and the next move is probably down?
  • Bailey says key messages are we've had good news - inflation has come down faster than they expected. Have removed the bias about the next move being up - the good news has taken that away. Question has changed from not how restrictive need to be, to how long to stay restrictive. "It is too soon to take that decision" so the right decision today is to hold rates where they are. Projection they have now has some increase in unemployment (less than in November)
  • Broadbent has if you look at massive increase in import prices in 2021/22 there has been trade off between inflation and unemployment. The rise in unemplyment that is necessary is probably smaller than it was to get inflation back to target.
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