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Greene: Says she needs to see more evidence on inflation persistence to vote for a cut

BOE
  • Greene asked how concerned she is with wage-cost pass-through.She says it's been pretty consistent from firms saying they are passing through less- and seeing that in the PMI data. But there is a question about how far does this go before firms reach an inflexion point and need to either raise prices or lose workers - and they have very different outcomes.
  • Greene asked on the BOE inflation forecasts. She talks about the upside risks in the CPI forecast.On voting to cut rates, she says evidence on inflation expectation is "encouraging" and persistence has come down more than she expected. She says they debate persistence a lot but that she would need to see more evidence to vote for a cut.
  • Greene also says "based on all the evidence on inflation persistence, a gradual path is warranted" and that rates may not be cut as much if r* is higher.
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