BoE’s Pill: Open question whether time for cutting rates is now upon us

Bank
of
England
(BoE)
Chief
Economist
Huw
Pill
said
on
Wednesday
that
it’s
an
open
question
whether
the
time
for
cutting
the
interest
rate
is
upon
them,
per
Reuters.

Additional
takeaways

“Some
work
to
do
before
domestic
persistent
component
of
inflation
is
gone.”

“I’m
reluctant
to
be
drawn
on
whether
I’m
cautious
or
not
about
cutting
rates,
important
to
get
balance
right.”

“Uncertainty
about
wage
behaviour
in
UK
unlikely
to
disappear
soon,
policy
decisions
need
to
be
robust
to
this.”

Market
reaction

GBP/USD
edged
higher
following
these
comments
and
was
last
seen
gaining
0.4%
on
the
day
at
1.2835.