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BOE
  • "My view is that, conditioned on the same interest rate path, risks would be tilted on the side of greater and more persistent domestic capacity and inflation forces than the MPR forecast."
  • "In my view, we should lean strongly against the latter risk (inflation expectations), because if it materialises (not a negligible risk, in my view) then the process of re-anchoring price expectations could be very costly in economic terms. Such a scenario also could limit the scope for prompt monetary easing the next time the economy needs support. The MPC’s ability to use monetary policy to provide effective support to the economy in 2020 rested on the credibility of the UK’s inflation targeting framework. That credibility is not infinite and cannot be taken for granted."
  • "Conversely, if we hike faster now and then find the economy develops in such a way that medium-term inflation risks tilt heavily to the downside of the 2% target, then the Committee could reassess the policy outlook accordingly. That scenario is not my central expectation. But if it did materialise, I suspect we would be in a better position than now in terms of inflation expectations."
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