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MNI BRIEF: BOE Tenreyro Foresees Policy Easing In 2024

(MNI) London

BOE MPC Member Silvana Tenreyro said policy easing may be needed in 2024 if Bank Rate is held at 3% or raised again

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Policy easing may be required in 2024 even if Bank Rate were to be held at its current 3% level, Bank of England Monetary Policy Committee member Silvana Tenreyro said Friday.

In a speech at the Society of Professional Economists Tenreyro made clear that rate hikes may already have gone far enough and that policy reversal is, in her view, likely to be needed further down the line. If the economy evolves broadly in line with the MPC's November central projection "I would expect that Bank Rate held at 3% over 2023 would reduce output further below potential ..(and) policy would then have to loosen, perhaps in 2024, to try to prevent inflation falling below target," she said.

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Policy easing may be required in 2024 even if Bank Rate were to be held at its current 3% level, Bank of England Monetary Policy Committee member Silvana Tenreyro said Friday.

In a speech at the Society of Professional Economists Tenreyro made clear that rate hikes may already have gone far enough and that policy reversal is, in her view, likely to be needed further down the line. If the economy evolves broadly in line with the MPC's November central projection "I would expect that Bank Rate held at 3% over 2023 would reduce output further below potential ..(and) policy would then have to loosen, perhaps in 2024, to try to prevent inflation falling below target," she said.

Keep reading...Show less