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Mann highlights: non-committal to a hike but not ruling anything out

BOE

Highlights of her speech:

  • " Going into 2022, current price and wage expectations coming from the DMP survey are inconsistent with the 2% target, and if they are realized in 2022 are likely to keep inflation strong for longer. The concern is that strong-for-longer could embed a reinforcing price-wage dynamic. In my view, the objective for monetary policy now should be to lean against this “strong-for-longer” scenario, but at what time horizon and using what tool?"
  • "The Monetary Policy Committee will meet in the coming weeks. Preparatory briefings will assess current and expected strength of domestic and global demand, prospects for supply disruptions and costs, and expectations for prices and wages, among other considerations, including health developments. I will make an assessment with regard to policy only after reviewing the research from the Staff, as of course will other members of the Committee."
  • "The path for monetary policy must have the medium-term objective of steering the economic and financial environment in which expectations, wages, and prices evolve so as to reach the 2% target. To the extent that monetary policy actions now dampen expectations, and to the extent that any deceleration of global prices is passed-through to UK inflation, and to the extent that financial markets are already cautioning decisions, the next steps could exhibit a shallower path. "
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