Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
Reporting on key macro data at the time of release.
- Emerging MarketsEmerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
- MNI ResearchMNI Research
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
- About Us
BOE MPC member sees pros and cons over whether first hike should come in December of February.
Sign up now for free access to this content.
Please enter your details below and select your areas of interest.
Bank of England Monetary Policy Committee member Silvana Tenreyro said Wednesday that she envisaged that Bank Rate, currently at 0.1%, would at some point return to its pre-Covid crisis level.
Bank Rate was at 0.75% before Covid struck but markets have been pricing in a move by the autumn to just above 1.0%. Speaking at an Oxford University Economic Society event Tenreyro said "Directionally ... I would expect a modest tightening to restore inflation to target," adding that there were "pros and cons" over whether the first hike should come in December or February.
Tenreyro said that looking to the medium term "I see a progression to higher rates but perhaps going back to where we were just before the crisis struck." The Bank's November forecasts suggested that market rate expectations were overblown if the economy evolved as the BOE expected.