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BOE MPC member says latest news cycle unlikely to have large impact of tightening need over next few years.
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Bank of England Monetary Policy Committee Silvana Tenreyro rejected the idea that recent news flow has driven up sharply the magnitude of the rate hikes that are likely to be required in coming years. Her comments, at a CEPR event Monday, suggested that she believes recent market re-pricing, which showed Bank Rate, currently at 0.1%, rising to 1.25% by the end of 2022 was overdone.
The balance of the latest "set of news is unlikely to have a large effect on the amount of tightening required over the next few years," she said, noting that in its August forecast round the MPC had only envisaged only gentle tightening over the three year forecast horizon. BOE Chief Economist Huw Pill last week made headlines saying that the November MPC meeting was "live" but he too downplayed the amount of tightening that would be required.