Huw Pill, the Bank of England's chief economist, said on Wednesday that he is skeptical of market pricing that expects the Bank of England to cumulatively raise interest rates by 100 basis points over the next year.
He stated that while the Bank of England still needs to take certain actions to adjust monetary policy, it may not be necessary to follow market expectations of four consecutive rate hikes of 25 basis points each.
Previously, Pill voted in favor of a rate hike at the September monetary policy meeting, while the majority of committee members, including Governor Bailey, chose to keep interest rates unchanged, awaiting further evidence on the impact of the Iran conflict on UK inflation. (rc)
He stated that while the Bank of England still needs to take certain actions to adjust monetary policy, it may not be necessary to follow market expectations of four consecutive rate hikes of 25 basis points each.
Previously, Pill voted in favor of a rate hike at the September monetary policy meeting, while the majority of committee members, including Governor Bailey, chose to keep interest rates unchanged, awaiting further evidence on the impact of the Iran conflict on UK inflation. (rc)
