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Saunders on tightening before Fed and credibility of APF programme ending

BOE
  • Saunders asked on impact if BOE tightens before the Fed and any impact on currency.
  • Says that there is no target for the exchange rate. Notes that the BOE isn't doing average inflation targeting. And then simply says each country should make a decision themselves.
  • Saunders asked if the full QE programme is not completed will that affect the credibility of the programme?
  • Says that the Bank has always said the programme is constantly under review and the Bank meets 8 times a year to make a decision on whether the target stock is still appropriate. He's not saying he would vote to curtail the programme but that it would have to be taken into consideration. And that he worries a little bit about the effect of on inflation expectations of continuing with the APF if inflation is above 3% and the output gap is closed and thinks that is the situation we will find ourselves in later this year.
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