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- BoE's Pill: Significant policy response will still be required in November
BoE's Pill: Significant policy response will still be required in November
"I am still inclined to believe that a significant monetary policy response will be required in November," Bank of England Chief Economist Huw Pill said on Wednesday, as reported by Reuters.
Additional takeaways
"I will see when we get to November how events have evolved in the meantime."
"Employment has stagnated and is now showing tentative signs of falling."
"This will help to cool the labour market and contain some of the domestically-driven inflationary pressures."
"The sustained and reassuring downward trend in market inflation expectations that emerged from early April appears to have come to an end."
"Impact of government relief for the corporate sector on consumer prices is more difficult to assess."
"Fiscal announcements will, on balance, provide a further stimulus to demand relative to supply over the medium-term, monetary policy-relevant horizon."
"This will add to the inflationary pressure coming from the energy price guarantee."
"Volatile market dynamics that followed the announcement of the growth plan underline the need to bolster the credibility of the wider institutional framework."
Market reaction
The GBP/USD pair showed no immediate reaction to these remarks and was last seen rising 1% on the day at 1.1075.
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