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Pill Not Yet Confident Enough On Inflation To Reduce Rates

BOE
  • BoE’s Pill speaks in a web Q&A, noting he is still waiting for confidence on the path of inflation before cutting rates.
  • UK ECONOMIC ACTIVITY HAS BEEN `QUITE WEAK' – bbg
  • INFLATION DROP IS `GOOD NEWS' FOR UK ECONOMY, EXPECT TO FALL `CLOSE TO OR EVEN BELOW TARGET' - bbg
  • However, he also repeats that it’s “early days” to declare inflation as suppressed, a similar tone to Friday’s musings when he noted a need to look through temporary CPI drop to 2% and to ensure inflation is “squeezed out” of UK.
  • RATES WOULD BE RESTRICTIVE EVEN AFTER CUTS, RATES WILL FALL AS WE SEE PROGRESS ON INFLATION - bbg
  • QUESTION IS `WHEN' INFLATION TO FALL, NOT `IF' – bbg
  • NOT YET CONFIDENT IN INFLATION TO REDUCE RATES - bbg
  • WOULD HAVE BEEN `PREMATURE' TO CUT RATES IN FEB - bbg
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