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Fading UK Rate Hikes

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WTI, Brent Surge as Stockpiles Dwindle

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Bank of England MPC member Catherine Mann said that she "can wait" on raising rates with financial conditions having already effectively done a a lot of the tightening and how sterling reacted to the current situation was key for the outlook to domestic inflation. Speaking at a Euro50 Group event Mann said that "almost no-one was" expecting potential output to improve, which was "pretty pessimistic" and that the UK was sandwiched between the euro area and US economic blocks, with rising costs at the UK border.

Pushing back against the weight markets have placed on the commentary of two of her colleagues, Michael Saunders and Dave Ramsden, who have argued for tightening now, Mann said she "can wait on active tightening". However, she said a key question was how sterling reacted to the tighter financial conditions and the varying implications on domestic inflation.