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- BOE's Mann: 50 bps hike reduces risk of inflation being boosted by weaker sterling
BOE's Mann: 50 bps hike reduces risk of inflation being boosted by weaker sterling
Bank of England policymaker Catherine Mann said on Monday that a 50 basis points rate increase would reduce the risk of domestic inflation being boosted by weaker sterling, as reported by Reuters.
Additional takeaways
"I open the door to a policy rate reversal in the medium term when the domestic supports to demand fade and when weakness in external sources of demand bite."
"It is important to react in a timely fashion to a US monetary policy shock that causes the UK price level to jump."
"If near-term inflation is the dominant concern, then the activist path addresses that."
Market reaction
GBP/USD, which touched a daily high of 1.2280 earlier in the day, was last seen trading flat on the day at 1.2227.
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