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Broadbent on uncertainty, delayed policy response and wage growth

BOE
  • "One implication of this additional uncertainty is that, in response to any given shock, the reaction of policy is likely to be somewhat more delayed than in a world of perfect and complete information. It takes time to understand the forces driving the economy, particularly if one’s having to rely on nominal variables like services inflation and wage growth, things that would normally be seen as late-cycle indicators. The same goes for uncertainty relating to the accuracy of the observable variables themselves.
  • "One current example is wage growth. Given the volatility in the official estimates, and the disparity (such as it is) among the various indicators we have, it will probably require a more protracted and clearer decline in these series before the MPC can safely conclude that things are on a firmly downward trend."
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