BoE’s Pill: We have done a lot on interest rates
Speaking on inflation and the policy on Monday, Bank of England (BoE) Chief Economist, Huw Pill, said that “we have done a lot on interest rates.”
Additional comments
If we have a persistent component of inflation, we will need a persistent monetary policy response.
Not all wage indicators are pointing the same way right now.
Average weekly earnings data is increasingly looking like an outlier.
REC labor market data looks like an outlier in the other direction.
Market reaction
GBP/USD is paring back gains in response to the dovish comments, trading at 1.2158, at the time of writing.
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