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- BOE’s Bailey: Word transitory for inflation was becoming overused
BOE’s Bailey: Word transitory for inflation was becoming overused
Bank of England (BOE) Governor Andrew Bailey comments on inflation as he begins his testimony on the central bank’s quarterly Monetary Policy Report (MPR) before Parliament's Treasury Committee on Wednesday.
Additional quotes
Word transitory for inflation was becoming overused.
We have two-sided risks to our inflation forecast.
Important not to suggest there's a difference in view on MPC about level rates need to reach, as opposed to the pace.
I'm not just concerned about wage-setting but price-setting too.
There is very clearly an upside risk to the UK inflation from second-round effects.
If we get second-round effects, we will need to react with higher interest rates.
Higher interest rates will raise unemployment and slow growth.
Those less well-off in society will lose out more from higher inflation and unemployment.
I am not saying people should not take pay rises, point was about large pay rises.
If everyone tries to get ahead of inflation, we will get second-round effects.
GBP/USD reaction
GBP/USD eases 10-pips to test 1.3600 on Bailey’s comments. The spot is still up 0.16% on the day.
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