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Pill says connection between persistentness and restrictiveness

BOE
  • Seeing a connection between the level of persistentness and restrictiveness. 8 weeks have passed. Haven't seen a lot of surprises in the data that has surprised me. The passage of time means a Bank Rate is likely closer than it was 8 weeks ago.
  • Q: Do we have to get used to a world of higher interest rates for longer?
  • A: Many of us have lived through rates being at low levels for 15 years post-GFC. That was a consequence of a bit dislocation in the economy from the GFC. In a world where inf dynamics were weak. The evnets of the last couple of years have shifted us out of that - and we have seen interest rates go up. Don't think we will go back to the levels of nominal interest rates in those 15 years.
  • Are data dependent, and everything is conditional.
  • Monpol remains national. Setting BOE rates for UK inflation. Fed is setting rates for the US for US inflation. If there are different conditions, should expect different policies.
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