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MNI BRIEF: BOE Facing Very Fine Balance On Policy - Tenreyro

(MNI) London
(MNI) London

Bank Of England Monetary Policy Committee Member Silvana Tenreyro foresees fine balance in setting policy.

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The Bank of England could not have combatted the inflation shock following Covid without driving unemployment sharply higher, but it was now treading a fine line seeking to return inflation to target, Monetary Policy Committee member Silvana Tenreyro said Wednesday.

"Looking ahead we will face a very fine balance" in conducting monetary policy, Tenreryo said at a panel event at Bocconi University. She said that when the price shocks feed through into "an inflationary dynamic .. that is when monetary policy has to act." Tenreyro voted for a 25 basis point hike at the May meeting although she may have been one of the two dissenters on the policy guidance suggesting that further tightening was possible.

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The Bank of England could not have combatted the inflation shock following Covid without driving unemployment sharply higher, but it was now treading a fine line seeking to return inflation to target, Monetary Policy Committee member Silvana Tenreyro said Wednesday.

"Looking ahead we will face a very fine balance" in conducting monetary policy, Tenreryo said at a panel event at Bocconi University. She said that when the price shocks feed through into "an inflationary dynamic .. that is when monetary policy has to act." Tenreyro voted for a 25 basis point hike at the May meeting although she may have been one of the two dissenters on the policy guidance suggesting that further tightening was possible.