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Mann: More highlights from her speech

BOE
  • "At the March meeting, I evaluated the uncertainty in the purchasing power hit against these uncertain, but very strong sales and price forecasts. With a full forecast coming in May, and energy prices gyrating, raising the Bank Rate by 25 basis points was appropriate, to bide time to see how some of the uncertainties would resolve."
  • "In March I was willing to wait to see more information on the size and timing of the demand slow-down, even as the ratchet-effect on inflation was clear to see. If the consumption hit is moderated by other policies or by savings and other smoothing behaviours, it may be well into 2023 before firms receive the demand signal. The consequent embedding of current overall inflation into firms’ own-pricing is a concern because it may point to a situation in 2023 where pricing remains robust even as demand remains weak."
  • "I would like to review why I thought that the next policy move, at the February meeting, should have been 50 basis points. Key for me was that both the DMP and the agents’ survey reported continued strengthening of expectations by workers and firms for wage increases and price increases, which could generate a domestically-driven wage-price dynamic with higher inflation embedded in forward-looking pricing decisions... For me at the February meeting, research argued that monetary policy needed to lean against these expectations with a front-loaded policy path."
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