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MNI BRIEF: BOE Pill: Don't expect aggressive hikes medium term

(MNI) London
(MNI) London

Projections in the Bank of England's Monetary Policy Report showing inflation undershooting the 2.0% target if Bank Rate were to follow market expectations and peak close to 1.5% suggest "one shouldn't assume interest rate rises will be aggressive in the medium term," BOE Chief Economist Huw Pill said Friday.

Pill, speaking at a Bank event, highlighted the intense near-term inflation pressures coming from the labour market. "The labour market is tight. We expect it to tighten further," and this is driving up wages, particularly given the difficulty in recruiting overseas staff, he said. Further ahead, however, unemployment is seen rising again and upward pressure on interest rates should ease.

On Thursday, the BOE increased the Bank Rate for a second consecutive meeting, hiking 25 bps to 0.5%, with 4 of the 9 MPC members voting for a 50 bps hike.

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