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MNI BRIEF: BOE's Pill Says Rate Decision Was "On A Knife Edge"

(MNI) London
LONDON (MNI)

Bank of England Chief Economist Huw Pill said the 7-2 decision to hold the Bank Rate at the November meeting was "on a knife edge."

Pill backed unchanged policy while sharing concerns of Deputy Governor Dave Ramsden over risks of de-anchoring inflation expectations and upward pressure from a tight labour market.

"Across the committee there is a recognition... there is some need for action with Bank Rate," he said at a BOE agents event with Ramsden. "If rates were to follow the path implied by markets ahead of yesterday's decision that would leave inflation both slightly below target at the end of the forecast horizon and on a downward path."

Market rate expectations for 2022 fell sharply following the unchanged decision and in light of the MPC's view that inflation would end up below target if the market rate curve were to be followed.

MNI London Bureau | +44 203-586-2223 | david.robinson@marketnews.com
Bank of EnglandCentral Bank NewsPolicy NewsHomepageCEEMEABank Of England (BOE) Market NewsBriefUKStoryRegion
MNI London Bureau | +44 203-586-2223 | david.robinson@marketnews.com
Bank of EnglandCentral Bank NewsPolicy NewsHomepageCEEMEABank Of England (BOE) Market NewsBriefUKStoryRegion

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