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Little in Dhingra's speech on immediate monetary policy

BOE
Bank of EnglandCentral Bank NewsFixed Income BulletsCEEMEAUKMarketsStoryForeign Exchange Bullets

Highlights:

  • "Whilst the US is the UK’s largest individual trading partner, it accounts for only around 10 per cent of UK goods imports. And the main imports include crude and refined oil that are unlikely to experience cost increases on account of US tariffs. The direct price-increasing effects from US tariffs to UK prices therefore would be less than feared. The broader indirect effects through global markets and trade diversion are more likely to dominate and to reduce prices in the UK."
  • "Assessing the need for monetary policy action would require careful evaluation of the nature of the fragmentation shocks, their sectoral impacts and the time horizon over which they would be expected to unwind. This would not be feasible without improved analytical tools and a better understanding of supply chains and trade interdependencies using granular data. Central bank reviews are putting these tools and strategies on their agenda and the heightened geopolitical tensions have made this more urgent."
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Highlights:

  • "Whilst the US is the UK’s largest individual trading partner, it accounts for only around 10 per cent of UK goods imports. And the main imports include crude and refined oil that are unlikely to experience cost increases on account of US tariffs. The direct price-increasing effects from US tariffs to UK prices therefore would be less than feared. The broader indirect effects through global markets and trade diversion are more likely to dominate and to reduce prices in the UK."
  • "Assessing the need for monetary policy action would require careful evaluation of the nature of the fragmentation shocks, their sectoral impacts and the time horizon over which they would be expected to unwind. This would not be feasible without improved analytical tools and a better understanding of supply chains and trade interdependencies using granular data. Central bank reviews are putting these tools and strategies on their agenda and the heightened geopolitical tensions have made this more urgent."