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MNI BRIEF: Data Support Gradual UK Rate Cuts - BOE Taylor

BOE MPC newcomer Alan Taylor on inflation data and gradual rate cuts
Bank of EnglandCentral Bank NewsPolicy NewsHomepageCEEMEABriefUKStory

MNI (LONDON) - Bank of England Monetary Policy Committee member Alan Taylor said in his first public comments since joining that recent data supported gradual easing and that he thought the inflation risks had shifted to the downside.

"The numbers keep coming in a little bit below where we thought (they) would be ... and that gave me reassurance to think it's okay to continue with the gradual pace of cuts," Taylor told the Treasury Select Committee. He said he and his staff at the Bank were looking at how the energy price shock has fed more slowly through the service sector but is now fading and inflation is normalizing. Asked what he meant by "gradual" he cited market expectations for 100 basis points of cuts over the next year.

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MNI (LONDON) - Bank of England Monetary Policy Committee member Alan Taylor said in his first public comments since joining that recent data supported gradual easing and that he thought the inflation risks had shifted to the downside.

"The numbers keep coming in a little bit below where we thought (they) would be ... and that gave me reassurance to think it's okay to continue with the gradual pace of cuts," Taylor told the Treasury Select Committee. He said he and his staff at the Bank were looking at how the energy price shock has fed more slowly through the service sector but is now fading and inflation is normalizing. Asked what he meant by "gradual" he cited market expectations for 100 basis points of cuts over the next year.

Keep reading...Show less