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REPOST: Ramsden on risk premia and 75bp November hike

BOE
  • Ramsden asked on risk premia - notes that some of those risk premia have gone. Says that on the surface the facts point to the premia having disappeared but there is no doubt that credibility of the UK has taken a hit - and have to work across the authorities to restore that. Says our institutions were under pressure in certain ways. But now in a position to be allowed to get on with jobs and over time, people can already see that institutions are allowed to operate again.
  • 75bp hike in November comes now accumulating evidence of persistence of inflation. Although EPG helpfully brought down peak in inflation - which given my concerns on inflation expectations - if you're not looking at an even higher peak in inflation that's helpful. But there is significantly more support to demand in the medium-term. That's a further factor that went towards that even more forceful rate rise.
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