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-Tenreyro Sees Recent Activity Backing Bank Optimism: UK Press
By David Robinson
LONDON (MNI) - The recent activity surveys supported the Bank of England
Monetary Policy Committee's view that the deceleration in growth in the first
quarter appeared to be ephemeral and weather related, MPC member Silvana
Tenreyro said in a media interview.
In a London Evening Standard profile published Friday, Tenreyro said her
decision to vote for no change to policy in May and June was because she wanted
to wait and see if "the soft patch was due to the weather, and not a sign of
something more fundamental going on with demand."
She said the purchasing managers indices "on output were positive and
confirm in some sense the assessment that we had in our central forecast that
the soft patch was snow-related."
Tenreyro refused to be drawn on whether she would vote for a hike in
August, wit h many analysts anticipating that the MPC will sanction a 25 basis
point increase in Bank Rate at that meeting. She stuck to the mantra that she
would watch the data very closely.
She also warned of the risks of adverse economic effects from any
escalation in the trade war.
"You will see pressure on inflation together with a negative effect on
output and that, of course, will present a very challenging trade-off for
monetary policy," she said.
--MNI London Bureau; tel: +44 203-586-2223; email: firstname.lastname@example.org