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BOE: Lombardelli's in line with TSC view: risks balanced but case 3 more costly

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Lombardelli key comments on near-term monpol in line with last week at the TSC (looking through the rest of the speech on the Bernanke review now):

  • "I view the probabilities of downside and upside risks to inflation as broadly balanced. But at this point I am more worried about the possible consequences if the upside materialised, as this could require a more costly monetary policy response."
  • "The outlook for wages and services prices is unclear from here. We need to see more evidence that wage growth and services inflation will continue their journey down to target-consistent rates. But there are some signs that the process of wage disinflation may be slowing, as shown in Chart 5, so it’s too early to declare victory on inflation. It’s often been said that the last mile may be the hardest, and that’s where we are now."
  • "This is why I support a gradual removal of monetary policy restriction and will be monitoring the flow of data over the coming months so we can calibrate our policy path as needed."
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Lombardelli key comments on near-term monpol in line with last week at the TSC (looking through the rest of the speech on the Bernanke review now):

  • "I view the probabilities of downside and upside risks to inflation as broadly balanced. But at this point I am more worried about the possible consequences if the upside materialised, as this could require a more costly monetary policy response."
  • "The outlook for wages and services prices is unclear from here. We need to see more evidence that wage growth and services inflation will continue their journey down to target-consistent rates. But there are some signs that the process of wage disinflation may be slowing, as shown in Chart 5, so it’s too early to declare victory on inflation. It’s often been said that the last mile may be the hardest, and that’s where we are now."
  • "This is why I support a gradual removal of monetary policy restriction and will be monitoring the flow of data over the coming months so we can calibrate our policy path as needed."