BOE Bailey: Far to early to be thinking about rate cuts

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BOE Bailey:

• Far too early to be thinking about rate cuts
• Returning inflation to 2% target remains our absolute priority
• When inflation is high, we take no chances
• The tragic events in the Middle East have added upside risk to energy prices
• Labor market remains tight despite softening recently
• Wage inflation remains elevated.
• We must be alert to any second-round effects of higher food and energy prices
• The evolution of food prices will matter for wage growth looking ahead
• The squeeze on real incomes from higher food and energy prices may still be influencing wage demands
• Inflation data for October released last week were welcome news, it’s much too early to declare victory.
• We must watch for further signs of inflation, persistence and that may require interest rates to rise again.
• How long a restrictive stance will be needed will ultimately depend on what incoming data tells us
• The MPC ‘s latest projections indicate that monetary policy is likely need to be restrictive for quite some time yet

For the full report CLICK HERE.

This article was written by Greg Michalowski at www.forexlive.com.

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