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Mann says decision to vote for hike "was not easy"

BOE
  • "My decision was not easy. But, considering the gaps and the risks, I judged that an increase in Bank Rate of 25 basis points was necessary to keep inflation decelerating in a durable way towards the 2% target and stay there."
  • Other concluding remarks from Mann:
    "My vote last week was based on the constellation of prospects for rising real incomes, continued labor market tightness, and positive forward-looking indicators of activity. Plus, financial conditions had eased too much already, with numerous Bank Rate cuts embodied in the market curve and mortgage competition reducing those rates."
  • "Headline inflation is close to, but not yet at our target. It is my job to ensure that 2% inflation is achieved sustainably. My assessment is that the dynamics of headline inflation is not a good guide to prospects in the medium-term on account of direct energy price dynamics. Digging deeper, my assessment of medium-term inflation prospects has been importantly informed by the gaps between goods and services inflation and the range of data and research that calls into question how quickly, despite recent deceleration, these categories will return to and be sustained at the patterns that are consistent with the 2% target. The historical trends also are at risk from structural changes, especially from globalization forces and a systematically tighter labor market. Finally, I am concerned about evidence of upward bias by firms when they set their prices and how that might interact with upside risks to inflation from energy shocks."
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