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BOE’s Top Economist Says More Rate Rises Needed to Tackle Inflation
Philip Aldrick
Wed, November 23, 2022 at 6:01 PM
(Bloomberg) -- The Bank of England needs to raise interest rates further to tackle inflationary pressures that are becoming increasingly domestic, Chief Economist Huw Pill will say in a speech tonight.
“My judgment there is still some more to do in order to address prevailing inflationary pressures and complete the necessary normalisation of monetary policy following a decade or more of exceptional accommodation,” he will say at the Beesley Lecture in London, according to prepared remarks released by the central bank.
The BOE has raised rates from 0.1% to 3% in the past year, with Pill among the majority who voted for a historic increase of three quarters of a percent this month.
Inflation is at a four decade high of 11.1%, more than five times the BOE’s 2% target. It is thought to have peaked but is expected to remain elevated throughout 2023. Markets expect a half-point rate rise in December, and the Organisation for Economic Cooperation and Development forecasts rates to reach 4.5% by June..........
https://finance.yahoo.com/news/boe-top-e...46211.html
Philip Aldrick
Wed, November 23, 2022 at 6:01 PM
(Bloomberg) -- The Bank of England needs to raise interest rates further to tackle inflationary pressures that are becoming increasingly domestic, Chief Economist Huw Pill will say in a speech tonight.
“My judgment there is still some more to do in order to address prevailing inflationary pressures and complete the necessary normalisation of monetary policy following a decade or more of exceptional accommodation,” he will say at the Beesley Lecture in London, according to prepared remarks released by the central bank.
The BOE has raised rates from 0.1% to 3% in the past year, with Pill among the majority who voted for a historic increase of three quarters of a percent this month.
Inflation is at a four decade high of 11.1%, more than five times the BOE’s 2% target. It is thought to have peaked but is expected to remain elevated throughout 2023. Markets expect a half-point rate rise in December, and the Organisation for Economic Cooperation and Development forecasts rates to reach 4.5% by June..........
https://finance.yahoo.com/news/boe-top-e...46211.html
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